Many Kansas City-area families feel financially secure. Workers have good jobs, own homes and save responsibly for their retirement. Retirees expect their assets and income to support their lifestyle. But what if our nation’s growing fiscal problems jeopardize their assumptions? And how might these problems threaten those of us who are less secure?
We commonly hear the United States is $39 trillion in debt. But, if we want Social Security and Medicare Part A benefits to continue as is indefinitely, we’re $103 trillion in the hole, according to the latest trustee reports from the Social Security Old-Age, Survivors and Disability Insurance and Medicare programs. That’s nearly $300,000 for each U.S. taxpayer.
Those numbers double if we include projected Medicare Part B costs in excess of Part B premiums. Those costs are not labeled “underfunding,” because general revenues are required to cover them…