Posted by Congressman John Campbell at 12:33 pm on Jul 18, 2011 Comments Off on Just the Facts, Ma’am
Just the Facts, Ma’am: This was the famous
retort offered by fictional LA police detective, Sergeant Joe
Friday, on the TV show Dragnet whenever a female witness
started to delve into conjecture or opinion. In these missives, I
usually give you heavy doses of my commentary and opinion.
Not today, or tomorrow. As the debt limit debate reaches the
critical stage, I felt maybe you needed some facts, just plain
facts, about the country’s financial status. Last week in a Budget
Committee hearing, the actuaries for the Social Security and
Medicare systems testified as to the status of these two programs
and provided actuarial projections for both. Here is a summary of
the salient points they made. I will let you draw your own
conclusions:
Social Security and Medicare currently amount to 35% of all
federal spending. Both systems are currently in negative cash flow
and are on track for insolvency or exhaustion of their trust funds.
The reasons for these impending problems are largely demographic.
The United States traditionally had a birth rate of about 3
children per woman up until 1965. By 1975, that rate had dropped to
2 children per… Read More