Thursday, July 27, 2006

In Case of Bankruptcy - solutions to the entitlement crisis...

If you knew the U.S. government was going bankrupt primarily because of spending on Social Security and Medicare, and the only solutions were the following, which one would you pick?

(1) Doubling individual and corporate income tax rates.
(2) Immediately cutting Social Security and Medicare benefits by two-thirds.
(3) Immediately cutting all federal discretionary spending (including defense) by 143 percent.
(4) Reforming Social Security and Medicare by moving from the current defined benefit plans to a program of individual investment accounts, like the current 401(k) and Medical Savings Account (MSA) plans.

Read more... here.

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