So now comes the new report that Medicare will go broke in 2018, two years earlier than projected just last year and 12 years earlier than had been projected in 2001. Social Security's day of reckoning, meanwhile, has been moved up from 2041 to 2040. All of this was announced yesterday by the trustees of the entitlement systems, who are required to issue annual reports on the programs' fiscal health.
Well, as Gomer Pyle used to say, "Surprise, Surprise, SURPRISE!!!" -- except that this bad news should come as no surprise to anyone. This twin looming disaster has been in the workds for years, and Congress keeps punting on the issues. To President Bush' credit, he had the guts to try to address the Social Security problem, but a combination of sheer gutlessness by his Republican (supposed) allies in Congress and of his administration's own hamhanded legislative tactics, policy choices, and communications, all combined to destroy the initiative that the president so bravely proposed.