WASHINGTON -- Pension programs in the United States as well as many other countries are heading over the fiscal cliff. Even President Bill Clinton has noticed the problems with Social Security.
Unfortunately, Medicare, which provides health care to the elderly, is in similar straits. In less than a decade the program will run out of money: The annual deficit will eventually hit a trillion dollars as the huge baby boom generation retires.
But Americans shouldn't worry. The president has a plan. He would increase program liabilities, allowing those between the ages of 55 and 64 to buy into Medicare and creating a new drug benefit.