The Cato Institute reports:
"Sen. Chuck Hagel (R-NE) and Rep. John Tanner (D-TN) introduced complementary pieces of legislation in their respective chambers, proposing a Comprehensive Entitlement Reform Commission to find ways to scale back the projected growth of the entitlement triple-threat of Social Security, Medicare, and Medicaid.
In a floor statement, Hagel said, 'Social Security, Medicare and Medicaid have played a vital role for millions of Americans to cope with the financial burdens of retirement and health care costs. However, over the next 75 years these three programs represent a $42 trillion unfunded commitment and are on a trajectory that cannot be sustained. The Commission will review America's three major entitlement programs and make comprehensive recommendations to sustain the solvency and stability of these programs for future generations.'"
Remind anyone of the 7.65% solution?
