Commentary
The federal old-age programs, Social Security and Medicare, are going bust. The latest trustees reports show the Social Security trust fund running out of money in 10 years and the Medicare hospital insurance trust fund running out in 11. With federal debt growing even as a share of GDP, and interest on that debt rising, Congress has shown every indication of being willing to drive us off the cliff. The federal government is now paying more than $10,000 per person every year on interest alone (Figure 1).
