• Before the end of this century, Social Security and Medicare will not only consume every tax dollar paid into their programs directly, they will also eat up every federal income tax dollar by the year 2070. The new finding is contained in a report by the National Center for Policy Analysis, which bases the projection on current level of benefits and no significant tax increases.

According to NCPA, this is the first year that federal income taxes must be used to cover the costs of the two major entitlement programs, which will consume 3.6 percent federal income taxes. However, in 15 years that number will swell to 25 percent. By 2030, more than half of all federal income taxes collected will be needed to cover the costs of Medicare and Social Security.