Question: How did or would the following affect the current public debt and implicit liabilities of the U.S. government?
a. In 2003, Congress passed and President Bush signed the Medicare Modernization Act, which provides seniors and individuals with disabilities with a prescription drug benefit. Some of the benefits under this law took effect immediately, but others will not begin until sometime in the future.
b. The age at which retired persons can receive full Social Security benefits is raised to age 70 for future retirees.
c. Social Security benefits for future retirees are limited to those with low incomes.
d. Because the cost of health care is increasing faster than the overall inflation rate, annual increases in Social Security benefits are increased by the annual increase in health care costs rather than the overall inflation rate.