Entitlement meltdown

Every year, members of the Social Security and Medicare Boards of Trustees issue a report that details a fiscal challenge of unimaginable proportions. And every year, members of Congress pretend it doesn't exist.

The country's entitlements are sinking ships. This year, Medicare is expected to begin paying out more in benefits than it collects in payroll taxes, according to the trustees' annual analysis, released Tuesday. Medicare's trust fund will be wiped out by 2019, meaning Congress has barely a decade to figure out how to pay the baby boomers' medical bills from that point on.

Meanwhile, Social Security benefit payments are expected to exceed tax collections in 2017. At that point, Congress will have to start repaying the trillions of dollars in Social Security withholdings it has stolen for earmarks, handouts and various redistribution schemes.

To do that, lawmakers will have to enact record tax increases or record spending cuts.

Which option do you think they'll pick?

Then, around 2041, when Social Security reserves finally are depleted, promised entitlement benefits will grow to the point that they consume nearly every dime of federal revenue.

"Without change, rising costs will drive government spending to unprecedented levels ... and threaten America's future prosperity," said Treasury Secretary Henry Paulson.

President Bush attempted to address entitlement insolvency at the start of his second term, and he was beaten into submission by sellouts within his own party and Democrats who care about nothing more than their own re-election.

The next president won't have the luxury of doing nothing. Entitlement reform should be a cornerstone of this year's presidential campaign.

Yet only GOP dropout Fred Thompson was willing to offer specific ideas or make a firm commitment to address this looming fiscal disaster. Sens. Barack Obama, Hillary Clinton and John McCain have no interest in the subject, focusing their rhetoric on sexier issues.

But if they think the economy is sour today, and that the federal government doesn't collect enough in taxes right now to pay for their lengthy wish lists, they haven't seen anything yet.