Earlier in the week, U.S. Treasury Secretary Henry Paulson gave a statement in conjunction with the release of the 2008 Social Security and Medicare Trust Fund Reports, and the following is an excerpt of his remarks:

"For decades, Social Security and Medicare have provided vital support for millions of Americans. As the baby boom generation moves into retirement, these programs face progressively larger financial challenges. If we do not take action soon to reform Social Security and Medicare, the coming demographic bulge will jeopardize the ability of these programs to support people who depend on them. Without change, rising costs will drive government spending to unprecedented levels, consume nearly all projected federal revenues, and threaten America's future prosperity. Our Nation needs a bipartisan effort to strengthen both programs for future retirees."

In reading the full statement, it seems imperative for us as a nation to now address the economic issues we face in the future, so that we may discuss honestly and act prudently--before it's too late.

Sources:

U.S. Department of the Treasury - Press Release, March 25, 2008
(Statement by Secretary Henry M. Paulson, Jr. on the 2008 Social Security and Medicare Trust Fund Reports)