I’m glad that the Social Security and Medicare Trustees have started reporting the costs of fixing those programs’ finances permanently. They’ve been consistently releasing those figures since 2004, and this year, the costs are estimated at $102 trillion, up from about $90 trillion last year — an increase of $12 trillion in one year. But […]
Jagadeesh Gokhale is a senior fellow at the Cato Institute and a former senior advisor to the Federal Reserve Bank of Cleveland.
The state of New Jersey just reported a $58 billion liability to its current and past employees on account of post-retirement health care benefits. States like California, Maryland, New York, and North Carolina have estimated such liabilities running into tens of billions of dollars. In Texas, lawmakers are fearful of the pressure to cut retiree […]
After losing Republican majorities in both houses of Congress, the Bush Administration is reportedly contemplating abandoning its long-held goal of introducing Social Security personal accounts. Now, chances are that changes to Social Security will include a collection of unrelated measures rather than coordinated structural reforms. The collection of measures being considered by newly elected Congressmen […]
Laurence Kotlikoff’s latest article in the Federal Reserve Bank of St. Louis Review has instigated a flurry of commentary on the state of domestic policies. Kotlikoff poses the question, “Is the United States Bankrupt?” Despite the colorful language with which he describes the state of affairs, his answer is “no.” In Kotlikoff’s view, the United […]