Tuesday, July 16, 2013

Boskin: The Disability Time Bomb

Stanford economist Michael Boskin writes in the Wall Street Journal on the looming insolvency of the Social Security Disability Insurance program.

Social Security for retirement and Medicare are the best known of the major entitlement programs with looming financial disasters. While some argue about when they will run out of money, their projected 75-year unfunded liabilities grow larger every year and now total $40 trillion, much worse thereafter.

But the ticking time bomb of entitlement reform is Social Security's Disability Insurance Fund. According to the Social Security trustees, the bomb is due to go off—when the fund, running out of money, will need to make steep cuts in benefits—just in time for the 2016 election.

I don’t agree with every word, but it’s worth checking out.

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