Entitlement spending doomsday clock is ticking

Topline: If the federal government wants to keep Medicare and Social Security intact for the next 75 years, it will need an extra $78.2 trillion in cash that is not available under current law.

To say this is a Herculean task would be an understatement. The government has only $5.7 trillion in assets.

Key facts: The Treasury’s annual “Financial Report of the United States Government” warns every year that Medicare and Social Security are headed towards insolvency.

The latest report estimates that in the next 75 years...