Stand by... for higher taxes. Really higher taxes. And reduced benefits.

There is an old joke about a boy who grows angry over his oversized toy truck. He tries to park it between chairs. But he cannot get the knack of it. His dad suggests he walk down the street to the trucking company. To watch how the pros park their rigs.

Next night the youngster shows dad what he learned. He rams the chair in front. He rams the chair in back. He jumps up, kicks the truck and mutters “Screw it. Leave it for the night crew.”

This is what our politicians have done to us. When it comes to Medicare. When it comes to Social Security. They have arranged payouts the government cannot come close to making. They have said “Screw them. Leave it for the night crew.”

Have they been irresponsible? Utterly.

We do not have enough money to keep Medicare solvent. Medicare will run out of money. Especially after the prescription plan gets into full swing. Social Security will run out of money.

Let me re-state my concern. These systems will not run out of money. But nobody is going to like what the night crew will have to do to keep them operating.

Future congresses will have to reduce the payouts from Social Security. By a lot. There is no way to escape this. So if you are 30 or 40 or 50 you can forget about collecting what is now promised. You will not get that much.

Future congresses will have to increase the Social Security tax on all paychecks. By a lot.

Future congresses will have to slash the payouts Medicare makes. And they will have to raise the taxes we pay to support that system. These will be hefty cuts and tax hikes. They will need to be.