The Social Security and Medicare Crisis

Jeff Camarda (), Steven James Lee () and Jerusha Lee ()
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Jeff Camarda: Family Wealth Education Institute
Steven James Lee: California State Polytechnic University
Jerusha Lee: Claremont Graduate University

A chapter in The Financial Storm Warning for Investors, 2021, pp 9-17 from Springer

Abstract: Abstract This chapter examines how American social programs are on the verge of bankruptcy and will likely be gone before most Americans will be able to utilize them. If they don’t go bankrupt (and there are problems if they do), then there will be massive tax hikesTax hikes to compensate. The inherent problem with Social Security and Medicare, as most of you know, is that they are pay-as-you-go systems where your benefit is calculated based on your lifetime contributions. However, there is now more older people claiming benefits than younger people contributing to the benefit pool. In the near future, both of these programs will need a huge influx of money to remain solvent, and where that money is going to come from probably involves your wallet.

Keywords: Social Security; Medicare; Bankruptcy; Tax increase; Entitlements (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-77271-0_2

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DOI: 10.1007/978-3-030-77271-0_2

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