It’s hard to get one’s mind around really big numbers like the $16 trillion national debt, or the $70 trillion shortfall that the government faces in all of its programs, including entitlements. But the Urban Institute figures that if it shows how individuals are expecting to take far more out of the system than they pay in, people might understand why programs like Medicare and Social Security are unsustainable.
The institute recently updated its calculations on the lifetime benefits that typical Americans can expect from the two main federal entitlement programs. The bottom line: We’re not paying nearly enough in taxes to support the Medicare and Social Security benefits we’ve been promised. Read more on St. Louis Post-Dispatch.