In the past 30 years, U.S. life expectancy has increased by an average of five years. Since 1935, when Social Security was first enacted, it has increased by almost 18 years. It’s no wonder that Americans are working more years as they enjoy longer, healthier lives thanks to improved healthcare and technology. Unfortunately, the federal government hasn’t altered its plans to match the growing number of entitlement beneficiaries hitting their 80s and 90s. The default payment methods definitive of many entitlement programs are hurting America’s economy and pushing the United …
It’s a fact that runaway spending, not lack of revenue, is the cause of long-term federal deficits. Still, some continue to push for higher taxes to solve the problem. A favorite tool of would-be revenue raisers is to eliminate “tax expenditures”—revenue the federal government “forgoes,” they say, due to tax preferences given to priorities like employer-sponsored insurance, mortgage interest payments, and contributions to retirement accounts. (Of course, since the money was never Uncle Sam’s to begin with, it’s inaccurate to say the federal government is somehow deprived by collecting less …
The United States faces a major physician shortage, and it will only get worse. Aging baby boomers will create a growing demand for medical services at the same time Obamacare comes on line with its new demands. Complicating matters is the fact that many physicians are also baby boomers—meaning part of the solution will increasingly become part of the problem. The Washington Post reports that nearly 40% of doctors are 55 or older and a third of all nurses are over the age of 50. These boomers are on the …
While many aspects of the Obama budget are questionable and just plain wrong, they recognize the need for more Americans to be able to save for retirement. The budget includes the Automatic IRA, a cross-ideological proposal developed jointly by The Heritage Foundation and the Brookings Institution which will give up to 80 million workers a simple and easy way to save for retirement. It also has support from publications as diverse as National Review and the New York Times. The Auto IRA allows employees who don’t have any other types …
