It is a fact that far too many individuals today seem to be oblivious of the problems that are swirling around us all. With this in mind, this past week the Congressional Budget Office released a 128-page devastating document that detailed a crisis that will affect all of the citizens of our country. For those that are unfamiliar with the CBO, it is a nonpartisan agency that provides detailed objective and timely analysis of economic and budgetary programs of the federal budget. This report first revealed that our Social Security Trust Fund will be exhausted in 2029. When this occurs an automatic benefit cut of 28 percent will take place in an effort to stop the bleeding.

Secondly, the CBO also projects that by 2040 the federal debt to be 107 percent of the economy.

The probability is that, in just 17 years, spending for Social Security, federal health care and interest on the debt will surpass all of our tax revenue. It should also be remembered that currently our interest rates are at an all time low, and recognizing that when they return to a more normal rate this situation will be further distorted. Assuming this is allowed to happen, our country would be on a parallel course much like the stagnant economy of Japan or, even worse, the pathetic situation in bankrupt Greece.

With these frightening circumstances on the immediate horizon, it is imperative that the electorate make every effort possible to discern wisely the choice of who our next President should be. The key focus of this upcoming election needs to be on who will put forward realistic plans and also reforms of our current programs. Do not be caught up in the politics of division regarding class warfare, restrictions of gun rights, discrimatory practices regarding race or gender, discussion of any potential climate agenda, immigration or on the alleged war on women. It is not my intent to not give serious attention to these meaningful issues, as most, but not all, of the above mentioned areas need excessive attention. Our priority must be on our coming financial morass. The next President must have the resolve to meet and prevent these catastrophic situations from destroying our economy. Mrs. Clinton has not come close to recognizing the scope of these difficulties. Other progressives such as Sen. Warren of Massachusetts actually is a voice to increase and expand the Social Security benefits. At this point, two from the legion of Republican hopefuls, Jeb Bush and Chris Christie, have talked about raising the retirement age, but that has been done without significant specifics. Others among the candidates, declared and not yet declared, need to project realistic approaches to these looming problems. This must be addressed and NOT put off as it has been in the past.

According to the CBO’s estimates, by 2025, 62 percent of the growth in Social Security and health care expense will occur by aging, 21 percent is explained by the Affordable Care Act and the remaining 17 percent by rising heath care costs.

The aging of our population is a reality as Americans are living longer. In addition to these facts, the real cost of Obamacare is about to confront the entire population. In New Mexico, Blue Cross Blue Shield is proposing a 50 percent increase in premiums, and in Maryland and Tennessee the same provider, which has the largest market share, is proposing an increase of more than 30 percent. Oregon, where Meda Health Plan attracted more than 40 percent of exchange customers in 2015, is seeking average rate increases of 25 percent. Affordability and also the high level of deductibles are causing serious strains with this program in all parts of the nation.

Now, as of this past Friday, the CBO according to an analysis of the Affordable Care Act says that its repeal would boost economic growth by an average of 0.7 percent after several years.

Assuming repeal could be coupled with a realistic reform of the eligibility for Social Security and Medicare and other pro- growth measures, this dangerous situation could be averted. In regard to potential reforms, some suggestions could be:

1) Raise the eligible age to receive benefits for those under the age of 55 to initially to 67 and then gradually to 70.

2) Raise early retirement age to 65 from 62.

3) Consideration of means testing for high income earners (this figure to be thoughtfully determined) for eligibility to both programs.

It must be clearly understood those already currently on either of these programs are not affected and must be safeguarded. This would not have any negative effect on those 55 and older. Change of this nature involves sacrifice, but it is essential to happen. In years past both political parties have avoided any changes in these programs, but without some type of reform such as these suggested, the future for them is both collapse and failure. I am confident that responsible individuals with wisdom and political courage can and will avoid this out of control spending and the increase of our national debt.

I strongly encourage all to be engaged and involved and not to be complacent or too busy, as this situation as it now stands, places all of us at serious risk.

———

Another View, a Maine Press Association award-winning column, is written on a rotating basis by a member of a group of Midcoast citizens that meet to discuss issues they think are of public interest.