The debt crisis hasn’t been averted — it’s merely being ignored

By Philip Klein

Published February 2, 2018 12:55pm ET

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The debt crisis hasn’t been averted — it’s merely being ignored — The retirement of the Baby Boom generation is already putting a strain on Social Security, Medicaid, and Medicare. Absent action, spending on the big three entitlements is only going to explode in the coming decades as the retired population increases and healthcare costs rise. This is expected to drive debt to dangerous and unsustainable levels. (AP Photo/J. Scott Applewhite, File) | J. Scott Applewhite

In making the pitch for Social Security personal accounts in his 2005 State of the Union speech, former President George W. Bush declared that absent action, “Thirteen years from now, in 2018, Social Security will be paying out more than it takes in … By the year 2042, the entire system would be exhausted and bankrupt.”

In response, Democrats portrayed his warnings as alarmist and successfully deployed the argument that there was no Social Security crisis.

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Tag:

Barack Obama Donald Trump Entitlements George W. Bush Medicare and Medicaid National Debt Paul Ryan Philip Klein Social Security State of the Union Tea Party