Navigation Links
Medicare, Social Security Owe Up to $52 Trillion to Current Retirees and Workers
Date:12/3/2008

Debts Up To Three and Half Times Greater Than Entire U.S. Economy

DALLAS, Dec. 3 /PRNewswire-USNewswire/ -- If the federal government stopped the Medicare and Social Security programs tomorrow -- collecting no more payroll taxes and allowing no more accrual of benefits -- it would still owe up to $52 trillion to those who have already earned these benefits, according to a new study by the National Center for Policy Analysis (NCPA).

"The numbers are staggering," said Andrew Rettenmaier, an NCPA senior fellow and coauthor of the study. "No one thinks we are going to end these programs," he said, "but if we account for federal obligations the way private pensions and state and local governments are required to, the federal government owes up to $52 trillion (in current dollars) as of today."

To put the numbers in perspective, the size of the entire U.S. economy is $14 trillion. The newly released study determined that:

  • An estimated $9.5 trillion is owed to current retirees -- an amount equal to almost $250,000 per person 65 years of age and older in 2008.
  • Adding the liability owed to those nearing retirement (55 and older) more than doubles the accrued debt to $20.6 trillion.
  • Adding the benefits accrued by younger workers brings the total to as much as $52 trillion. The beneficiaries include all retirees, as well as anyone in the workforce above 22 years of age.

If Medicare and Social Security continue on their current course, the obligations of taxpayers will grow. In the spring, the Social Security/Medicare trustees reported that if Social Security and Medicare were to continue indefinitely, the present value of the unfunded obligation is $101.7 trillion, or seven times the size of the national economy.

Currently, the two programs combined are spending more than the
'/>"/>

SOURCE National Center for Policy Analysis
Copyright©2008 PR Newswire.
All rights reserved

0

GOOD

Page: 1 2

Related medicine news :

1. Aurora Health Care Top Quality System in Nation in Medicare, Premier Healthcare Alliance Pay-For-Performance Project
2. Baby Boomers Confused About Medicare, According to Recent NAIC Survey
3. Elderly Medicare, Medicaid patients not receiving quality care
4. Easing Social Anxiety During the Holidays: Tips from Harvard Women's Health Watch
5. HHS AIDS.gov to Use Blogs, Virtual Worlds, and Social Networks to Deliver HIV Information for World AIDS Day 2008
6. Experts Address State of HIV/AIDS Care in the Region Following Landmark Assessment Showing Widening Gaps in Social Services
7. Vivisimo Helps OnMedica Deliver Personalized Search and Extend Social Search to Public-Facing Health Portal
8. A Recommended Sales and Use Tax Proposed by Governor Schwarzenegger Will Tax Veterinary Services, Says Social Compassion in Legislation
9. Caring.com and Alzheimer's Association Use Social Media to Help Spread Awareness for the Nation's Sixth Leading Cause of Death
10. Getting Your Social Security Disability Benefits Can Be Easier With A Professional On Your Side
11. TotSpot.com Celebrates Launch With Jenny McCarthy, Joely Fisher, Tori Spelling and Other Celebrity Mommies at The Treehouse Social Club
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/22/2012)... May 22 (HealthDay News) -- The number of liver ... a new study finds. Researchers said one reason ... death has become more commonplace, and many of those ... organs aren,t healthy enough to attempt a transplant. Another ... to a condition known as fatty liver disease, which ...
(Date:5/22/2012)... National Institute of Environmental Health Sciences (NIEHS), part of ... the Superfund Research Program (SRP) at the University of ... $15 million grant will fund continued research on the ... from Superfund and other hazardous waste sites. , It ... SRP, which was originally funded by the NIEHS in ...
(Date:5/22/2012)... hypersensitivity reactions to the anti-HIV drug abacavir occur through ... immunogens that are attacked by the body,s immune system, ... AIDS , official journal of the ... published by Lippincott Williams & Wilkins , a ... study is the first to explain how hypersensitivity reactions ...
(Date:5/22/2012)... 22 (HealthDay News) -- Body-building and weight-loss products are ... liver injury, according to a small new study. ... are taken off the market. Dietary and herbal supplements ... be bought over the counter or online -- are ... the United States, but their potential side effects are ...
(Date:5/22/2012)... News) -- New Mexico has the highest rate of ... has the lowest rate, according to a new report. ... people, while New Jersey,s is about 36 per 100,000. ... 58 per 100,000, according to the report released by ... Johnson Foundation. Injuries that result from accidents, violence ...
Breaking Medicine News(10 mins):Health News:U.S. Liver Transplants Declining 2Health News:UC San Diego Superfund Research Program receives $15 million grant renewal 2Health News:Reactions to HIV drug have autoimmune cause, reports AIDS journal 2Health News:Reactions to HIV drug have autoimmune cause, reports AIDS journal 3Health News:Body Building, Diet Supplements Linked to Liver Damage: Study 2Health News:Injury-Linked Deaths Vary Widely Among States 2
... Mateo Messina,s work from the Academy-award winning movie Juno ... Soundtrack for a Motion Picture, Television or Other Visual Media. ... was honored February 8 in Los Angeles.Mateo has composed music ... Juno and Thank You for Smoking to ...
... economy?" That,s the,question Mukti Michael Buck is always asked ... their income from massage after learning his,techniques. "Yes," is ... the field of health and wellness is one of ... difficult economy. Proud to be a vanguard in the,growing ...
... -- The federal government should make preventing mental, emotional, ... people a national priority, says a new report from ... These disorders -- which include depression, anxiety, conduct disorder, ... fractured limbs in children and adolescents. Collectively, they ...
... the Children,s Cancer Hospital at The University of Texas ... that significantly decreases the time needed to produce genetically ... , Paul (Yoonsu) Choi, Ph.D., presented the device he ... of the American Society for Blood and Marrow Transplantation ...
... In a bid to help underserved children, the Children,s ... Ysio Digital Radiology System, donated by Siemens. Bidding ... to a quarter million dollars in the first ten ... SI ) at: , http://inr.mediaseed.tv/oneClip_C/?feed=EEHPWrm_uGEQOCdpx2JU_mPv2Er3Cvod The winning ...
... now available at www.urac.org/bestpractices WASHINGTON, Feb. 13 ... Best Practices in Health Care Consumer Empowerment and Protection ... Florida. In addition to Ian Morrison,s opening keynote ... Quest for Value for All Americans , and Lee ...
Other Medicine News:Health News:Seattle Native Composer's Work Wins Grammy Award 2Health News:Double Your Income With Thai Yoga Bodywork? 2Health News:Stronger effort needed to prevent mental, emotional, and behavioral disorders in young people 2Health News:Stronger effort needed to prevent mental, emotional, and behavioral disorders in young people 3Health News:Stronger effort needed to prevent mental, emotional, and behavioral disorders in young people 4Health News:Device aims to decrease wait period for patients needing immunotherapy 2Health News:URAC Announces Agenda for 2009 Best Practices in Health Care Consumer Empowerment and Protection Conference 2Health News:URAC Announces Agenda for 2009 Best Practices in Health Care Consumer Empowerment and Protection Conference 3
(Date:5/22/2012)... Vanda Pharmaceuticals Inc. (NASDAQ: ... development and commercialization of products for central nervous ... two posters at the Society for Research on ... The first poster entitled Pleiomorphic ... provides insight into the challenges faced by ...
(Date:5/22/2012)... -- Prime Therapeutics (Prime), a leading pharmacy benefit manager, ... chief financial officer (CFO). DuCharme will lead Prime,s finance ... growth. "Jim brings deep health plan expertise ... within diverse health plans, including Blue Cross and Blue ... Prime. "Based on his strong belief in pharmacy as ...
(Date:5/22/2012)... Health Diagnostic Laboratory, Inc. (HDL, Inc.), a CAP accredited ... Association (NLA) with a non-restricted educational grant to further ... health across the United States. In addition to the ... lead sponsors of the 2012 Annual Scientific Sessions in ... 2012. "Health Diagnostic Laboratory knows that ...
Breaking Medicine Technology:Vanda Pharmaceuticals Inc. Presents Scientific Posters at Society for Research on Biological Rhythms (SRBR) Annual Meeting 2Vanda Pharmaceuticals Inc. Presents Scientific Posters at Society for Research on Biological Rhythms (SRBR) Annual Meeting 3Health Diagnostic Laboratory, Inc. Provides Grant to Support National Lipid Association, Sponsors 2012 Annual Scientific Sessions in Scottsdale, Arizona 2Nanoparticles cause brain injury in fish 21342 1Crystal structure shows how motor protein works 21339 1Crystal structure shows how motor protein works 21339 2Gamers succeed where scientists fail 21334 1Gamers succeed where scientists fail 21334 2Gamers succeed where scientists fail 21334 3
... System will define the state of knee ... less - reducing inventory requirements and increasing ... and cost situations. The GENESIS II femoral ... creative solutions tomeet todays surgical demands. Clinical ...
... total knee prosthesis stems from many years ... and manufacturing technologies have been used in ... well as a favorable pressure distribution pattern ... wear to a minimum. The inherent design ...
... anatomic knee system was ... minimize polyethylene wear between ... minimize contact stress associated ... achieve a well balanced ...
Cemented hip system...
Medicine Products: