Expecting Lower Taxes?

The following information is from the August 2013 issue of The Kiplinger Letter.

  • Over the next 17 years 10,000 people a day will turn 65.
  • By 2021 Social Security payouts will exceed incoming funds.
  • Even if the yearly federal budget deficits decline, interest payments on the national debt will quadruple from current levels by 2024.
  • By 2026 the Medicare trust fund will be gone. Its outflows already exceed its inflows.
  • By 2033 the Social Security trust fund will be gone.

How do you think Uncle Sam will raise money to cover these expenses?