Doing a little research I ran across something from the past. I will try to sum it up in my own words and not try to sound so dumb.
President Dwight Eisenhower gave the nation a farewell address almost 50 years ago in which he outlined an urgent warning to America.
The warning is coming true…
President Eisenhower said: As we peer into society’s future, we, you and I, and our government must avoid the impulse to live only for today, plundering for our own ease and convenience, the precious resources of tomorrow.We cannot mortgage the material assets of our Grand Children without risking the loss also of their political and spiritual heritage. We want democracy to survive for all generation to come, not to become the insolvent phantom of tomorrow.
We are coming to the point where Social Security will run out of money. We are even closer to the point where Medicare will be out of funds. If we do nothing, entitlements will be 90% of our total revenues, and our country will be bankrupt by the end of the century, if not sooner.
Eager to find a bipartisan solution to make Social Security solvent, the trustees say it will be insolvent by 2037. President Obama proposed a Social Security task force (whoopee) but Democrats in Congress shot down the idea. They would rather concentrate on health care.
We have had innumerable commission studying Social Security, and the one common denominator is the realization that we are headed for fiscal disater unless we limit benefits, raise taxes or raise the age when Social Security benefits are paid.
(No more 62 year old s deciding to retire early). Or, many say we need a combination of those distasteful options.
Obama, currently trying to mend relations with Arab Nations, and deal with a deep recession, GM bankruptcy and at least a dozen other crises, thought it would be helpful to raise payroll taxes on those earning over $250,000. We know now that idea went nowhere.
Our baby boomers all 78 million of them, start turning 65 in 2011. We are not Ready…
We have nowhere near enough nurses, doctors or geriatric services to accommodate them all. We do not have the wherewithal to retrofit their houses so the can stay in them instead of going to nursing homes.($75,000) for a private room for a year or provide them transportation.
Our laws make it hard for them to work part time and make ends meet.
We were once appalled bay a $300 billion annual deficit, from President Bush. This year under Obama it will top 1.3 trillion. It’s hard to believe that President Clinton prophesied surpluses as far as the eye could see.
Our Nation has so many problems that we don’t blame the White House for over the top spending. Were in so much fiscal shock that we can barely muster any outrage at all or know where to direct it.
As a nation, were that family that spent too much on a house we couldn’t afford, fail to put anything away for a rainy day or save for college and retirement.
Now expenses vastly exceed our income, and it’s raining hard.
The Democrats in Congress are wrong. We need to have a national discussion about this now even if it means another bipartisan task force. There is enough alarm that this timen we might achieve compromise. At the least, we might scare the young into saving for retirement because our current path is unsustainable.
We Americans have existed on optimism. We can’t conceive that our spending habits and failure to save may doom our superpower status. A bankrupt USA???????
An insolvent phantom as Eisenhower worried? It is no longer impossible to imagine.