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Americans could be waiting another five years for a return to normal employment based on the sluggish pace of the U.S. economy. After nearly four years in office, President Obama has overseen the worst recovery since the 1960s.
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The looming unsustainability of the big three entitlement spending programs—Medicare, Medicaid, and Social Security—is not inevitable, but in order to avoid the catastrophic effects of consuming every bit of tax revenue in just one generation, reform is a necessity.
Take a look at Medicare, the largest portion of the projected entitlement expense by the year 2045.
Here’s the projected outlook of spending on Medicare, Medicaid, and Social Security by 2045, when entitlement spending matches tax revenues, from Heritage’s Federal Budget in Pictures, using Congressional Budget Office figures:
The need for Medicare reform in light of the impending crisis going forward has elicited the acknowledgement of all sides, which Heritage’s Amy Payne highlighted in a recent Morning Bell:
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