Changes have to be made in these large entitlement programs to avoid a real fiscal disaster. Of course changes can be made. While there are as yet not a great number of feasible ideas for significantly reducing the cost of Medicare, there are a number of proposals to reform Social Security.
Net portfolio investments, which were a negative $ billion in 1998 are expected to improve significantly to positive levels of $ billion in 1999 and $ billion in 2000. The annual current account deficits of Thailand, the Philippines, Malaysia, Indonesia and Korea are expected to improve from a high of $ billion in 1998 to $ billion in 1999 and $ billion in 2000.