The Assembly refused Cuomo’s suggestion to raise the retirement age from 62 to 65 even though the governor stressed that his plan would save hundreds of billions of dollars in costs toward a pension plan expected to consume 35 percent of the government’s budget by 2015. In 2001, it was 3 percent.
This pathetic performance is being repeated in all 57 states and in Washington, where last year during all that talk about deficit reduction, Congressmen proposed an additional trillion dollars in new spending. Social Security and Medicare payments are projected to consume 70% of all federal spending in 2030 and if you think that something will be done about that before then, you haven’t been paying attention.
UPDATE: This article, penned in 1995, says entitlement payments will consume 100% of all federal spending by 2030.