America's Big Three Entitlement Bankruptcies Are Inevitable – Analysis – Eurasia Review eurasiareview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eurasiareview.com Daily Mail and Mail on Sunday newspapers.
America’s federally sanctioned entitlement programs, Medicare, Medicaid, and Social Security, each face bankruptcy in the next few years. Medicare and Medicaid were created in 1965 as part of President Lyndon Johnson’s Great Society legislation.
In his FY 2008 budget, the President has proposed a set of seriousMedicare proposals that will begin to address the enormous fiscalchallenge of entitlement spending.
Social Security’s growing cash-flow deficits and eventual trust-fund exhaustion are putting increasing strain on the federal budget and threatening benefits for especially vulnerable beneficiaries.