Promises, promises

"…come 2017 Social Security will no longer be taking in enough payroll tax to pay all promised benefits and will need to tap the special-issue bonds that make up its trust fund. In order to make good on repaying those bonds, the federal government will have to borrow more money, raise taxes, cut spending elsewhere or reduce benefits.

Medicare, meanwhile, is expected to pay out more in benefits than it receives in tax revenue starting this year. The debate over how to make Social Security solvent for the long-term has been put on hold, while the debate over how to address the larger and more immediate shortfalls in Medicare hasn't begun in earnest in Washington."

Social Security bankruptcy has been like a runaway train, steaming down the tracks for over 20 years while no one mustered the leadership to change its course. And as for Medicare, well, President George II just couldn't wait to pass that added prescription drug benefit, could he? You know, the one that added $1.2 trillion to the program's cost over the next decade. Yup, he's a real conservative, you betcha.

Looks like the 80’s music group Naked Eyes could be due for a comeback tour soon:

You made me promises, promises
Knowing I'd believe
Promises, promises
You knew you'd never keep