Peter St Onge Podcast
Episode 21: Weekly Roundup 09.11.2023
Sep 11, 2023
Social Security and Medicare programs facing bankruptcy, potential benefit cuts. Impact of the next recession on Washington's economy. Negative consequences of tax exemptions and credits. Housing as a human right leads to nonexistent houses or slavery. Solution: make it easier to start a business.
23:49
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Quick takeaways
- Social Security and Medicare are projected to go bankrupt in the next decade, requiring trillions of dollars in ongoing bailouts.
- The U.S. economy's widening gap between spending and taxes may result in a permanent deficit and potential conversion of deficits into inflation.
Deep dives
Social Security and Medicare Facing Financial Crisis
Social Security and Medicare, two major entitlement programs in the U.S., are projected to go bankrupt in the next decade. With Social Security set to run out in 10 years and Medicare in eight years, trillions of dollars in ongoing bailouts will be needed to sustain them. This poses a significant problem as the country already has a $2 trillion annual deficit, which is likely to skyrocket during a recession. With both programs being popular among Americans, a battle between their preservation and other government spending is expected.
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