Preparing for The Ultimate Bailout
About ten years from now, Congressional leaders and the president will appear before hastily gathered gaggles of reporters and declare that if something isn’t done immediately, the next month’s Social Security checks will not go out and Medicare payments will not be made. And much like they have done this year, our genius leaders will draw up emergency spending legislation to the tune of trillions of dollars to prevent the impending collapse of the two entitlement programs that are on the road to a major shortfall. If you thought $700 billion was a lot of money, wait until you get a load of the unfunded entitlements price tag. It will be The Ultimate Bailout.
For years, studies have sounded the alarm that the day is approaching when, due to a number of factors – including Baby Boomer retirements – there will be no money for these programs. And for years, politicians have refused to do anything to address the problem (unless you count killing George Bush’s partial privatization proposal as doing something).
But don’t worry. Washington has gained crucial experience this year in the art of dithering to the point of ‘crisis’ and crafting massive bailout bills under the cover of night to make everything all better. Their training will come in handy down the road.