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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: SilentZ who wrote (550061)	2/15/2010 9:07:55 AM
From: RetiredNow	Respond to of 1575539

Silent, the reason we have massive budget deficits, really isn't mostly due to Obama's big spending, although that hasn't helped. The biggest reasons for the future forecasted deficits are due to two main entitlement programs: Medicare and Social Security. Both are now paying out more than they pull in due to all the Baby Boomer retirees. Those two programs alone will created a deficit and debt crisis that will crater our economy. It's already happening, in case you haven't noticed. It's time we do something about it. And all the remaining choices are going to be painful for both parties, because it means cutting back on benefits and raising taxes, which neither party likes. US debt will keep growing even with recovery US debt will soon be unsustainable without higher taxes and spending cuts, even with recovery finance.yahoo.com The Social Security system, the biggest social spending program, has begun paying out more in benefits than it collects in payroll taxes. For the past quarter-century, Social Security had produced a surplus that helped finance the rest of the government. Medicare, the health care program that now covers 45 million elderly and disabled people, is in worse shape. It's been paying out more than it takes in since 2008 and its trust fund is projected to run out of money in 2017