From: Randall Parker 

Entitlements are not debts.

The retirement age will be raised to reduce the entitlements burden. I expect it to
be a big issue in the 2010s. The battle will be between higher taxes and entitlements
cuts.

Phil Payne wrote:
> http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/07/14/cnusa14.xml
&menuId=242&sSheet=/money/2006/07/14/ixcity.html
>
> Prof Kotlikoff said: "This figure is more than five times US GDP and almost
> twice the size of national wealth. One way to wrap one's head around
> $65.9trillion is to ask what fiscal adjustments are needed to eliminate this
> red hole. The answers are terrifying. One solution is an immediate and
> permanent doubling of personal and corporate income taxes. Another is an
> immediate and permanent two-thirds cut in Social Security and Medicare
> benefits. A third alternative, were it feasible, would be to immediately and
> permanently cut all federal discretionary spending by 143pc."
>

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