Government Promises Trillions More Than It Has
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON — The government is promising $45 trillion more than it can deliver on Social Security, Medicare, and other benefit programs.
That is the gap between the promises the government has made in benefits and the projected revenue stream for these programs over the next 75 years, the Bush administration estimated yesterday.
The $45.1 trillion shortfall has increased by nearly $1 trillion in just one year, according to the administration’s “Financial Report of the United States Government” for 2006. And, it’s up 67.8% in just the past four years. In 2003, the shortfall between promised benefits and revenue sources over a 75-year period was put at $26.9 trillion. The shortfall includes Social Security and Medicare in addition to Railroad Retirement and the Black Lung program.
