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On Sunday, April 5, Senior Fellow Peter Ferrara was a guest on the radio show “On The Money” with host Mike Vitoria on 970 The Answer in New York City. Ferrara was on to discuss America’s looming entitlement crisis.
During the interview, Ferrara talks about how America’s ever-increasing spending on growing entitlement programs will have dire consequences. Citing the Congressional Budget Office, Ferrara states that federal and state government spending will soon top 50 percent of the GDP under current trends. These trends are unsustainable and the repercussions are already presenting themselves.
Ferrara states that the disability portion of Social Security is projected to go bankrupt next year with more entitlement programs following shortly after that. But Ferrara is not just relaying bad news; he offers potential solutions on how to solves these impeding problems — including a more self-directed savings program to replace Social Security. This would allow workers to have the choice to redirect their tax dollars into a personal savings and insurance accounts that would be used to pay for benefits in the future. This is a solution that has already shown itself successful in Chile.
These solutions and more are discussed in Peter Ferrara’s upcoming book, Power to the People: The New Road to Freedom and Prosperity for the Poor, Seniors, and Those Most in Need of the World’s Best Health Care. Listen to the interview in the player full above.