Take actions now to rescue aid programs

For the past 20 years, we have been warned that the Social Security and Medicare systems were going to run out of money, likely in the 2030s.

Previously, this was driven by primarily the increased life span since these programs were implemented. At that time, 69 was the typical life span and today it is pushing 80 years. Since their inception, little has been done to address this simple issue.

Complicating that is the fact "the baby boomer generation" is now in this window of life and the large demographics at that end requires significantly more payments than the number of people working are paying toward those seniors, let alone feather their own nests.

And now, with the COVID-19 shutdown, we have seen a major national unemployment spike pushing 20%. Based upon current data projections those safety net programs will now be broke by 2029 and will only be getting input of roughly 75% of the payments needed for SSI and Medicare.

Short of the government printing more money and creating "hyperinflation," the only logical action is to as quickly as possible to pass legislation which stems that tide without creating even more economic hardship.

I believe increasing both employee and employer contributions in a gradual plan can mitigate a looming disaster. Something of the order of 0.1% a year for 10 years for both employee and employer for SSI and 0.1% a year for 5 years on Medicare. In total this would raise employee and employer contributions 1.5% each and when done provide a somewhat soft landing in the future. But some action must be taken rather quickly, like it or not.

Richard Francke

Bartlett