It's no wonder there are so many problems with rising healthcare costs and social security! People are living well beyond retirement, compared to when most of these programs were enacted in the 1960s/70s.Here are a few thoughts from Greg Mankiw:
Americans, as well as citizens of many other advanced nations, now spend about twice as many years in retirement as they did a generation or two ago. During that time, they expect the government to provide them with income support and healthcare. Is it any wonder that we face serious fiscal problems?Read Greg Mankiw's blog here.
I hope the president's fiscal commission makes raising the age of eligibility for these programs one of its main recommendations.
