So what about those so-called "unfunded promises"? Extend a growing trend out long enough and you can make the number as big as you like. But projecting the future Medicare costs of people who have not yet been born is simply disingenuous.
There are plenty of real challenges facing America this election
year. Three of the most important are jobs, jobs, and jobs. Potential
problems in Medicare and Social Security 50 or 75 years from now just
don't measure up. It's not time to hit the panic button just yet.
Babones is an American sociologist at the University of Sydney and an
Institute for Policy Studies associate fellow. His book on the American
economy, Benchmarking America, is due out in 2013. www.ips-dc.org
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