The Looming Issue

[JohnR]

Originally Posted by Jim in CT

We could have implemented a fix long ago that would have only involved minimal pain. But we kicked the can down the road. So now, at a minimum, the pain will be bad. The longer we wait, the worse it will be.

We are 14-20 years too late on this, started with the Bush era and accelerated under Obama. Though Obama says we are starting to decelerate the acceleration

[Jim in CT]

Originally Posted by JohnR

We are 14-20 years too late on this, started with the Bush era and accelerated under Obama. Though Obama says we are starting to decelerate the acceleration

In terms of Social Security and Medicare, we are more than 20 years too late. Actuaries have been saying, for at least 40 years, that the structure of those entitlement programs could never withstand the demographic tsunami called the "Baby Boomers". This has been a slow moving train bearing down on us for 40+ years, and we didn't have the political will to step off the tracks.

[justplugit]

Simple way to put it, when your interest payment on your credit card is more than the principal it's over. No more credit cards for you.