The government is promising $45 trillion more than it can deliver on Social Security, Medicare and other benefit programs. That is the gap between the promises the government has made in benefits and the projected revenue stream for these programs over the next 75 years, the Bush administration estimated Monday. The $45.1 trillion shortfall has increased by nearly $1 trillion in just one year, according to the administration’s “Financial Report of the United States Government” for 2006. And, it’s up 67.8 percent in just the past four years. In 2003, the shortfall between promised benefits and revenue sources over a 75-year period was put at $26.9 trillion.”Our government has made a whole lot of promises in the long-term that it cannot possibly keep,” Comptroller General David M. Walker, the head of the Government Accountability Office, said Monday.Members of Congress said the increase in the unfunded liability for Social Security and Medicare underscored the critical urgency to do something in light of the looming retirement in coming years of 78 million baby boomers.

Better Start saving now.

  1. Gman says:

    This is bunk! Get the FACTS, folks … THEY just want to scare us into supporting yet another ‘privatization’ that will destroy one of America’s favorite examples of the success of social programs that actually help WE the PEOPLE !!

  2. Dorksters says:

    Latest Dorksters’ Theory:

    Politicians should not be allowed to advertise at all, and personal appearance should be structured organized events.

    If they have something to say, they should say it on the news or during the debates. Equal access would be the rule.

    Pull the money completely out of the elections.

  3. tallwookie says:

    Hrm… fund the war or let old people die…. hrm… *ponders*

    decisions, decisions…

  4. Greg Allen says:

    This is why we need amnesty for illegals — to get them in the system, paying social security so the baby bloomers won’t die in abject poverty!

  5. B. Dog says:

    Queen Hillary must decree Gen Z to be worker bees!

  6. Angus says:

    This is the reason that anyone under the age of 40 has no real expectation that Social Security will be there for us at retirement, and we’re contributing to our 401K at the company match. To us, Social Security is just another tax.

  7. RickCain says:

    I guess this is Bush’s poor excuse for spending trillions on a war that doesn’t benefit our retirees, just his military contractor friends.
    The retirement system has been solvent and will be solvent until 2040, at that point and ONLY at that point will they need to cut back on benefits payments, and hopefully by then the GOP will go the way of the WHIG party and some common sense will end up in Washington.

  8. Chris says:

    It’s funny when people talk about investing SS funds in the US Treasury like it’s good for us. The original SS funds are taken from us. Then they are “invested” in Treasury Notes. Then the “government” pays interest on those invested SS dollars. We have to understand that the only money government has is the money they take from us. So in order to pay interest for the SS investments, they take the money from us. So we are taxed twice for SS. If we invested SS dollars in a commercial market we would get actual returns on our money instead of dishing out more tax dollars. The best fix for SS is to get rid of it all together and let the people keep their money, but that makes too much sense.