The shortfall in Medicare is calculated at several multiples of the one in Social Security. These numbers suggest that either very large tax increases will be required to meet the shortfalls or benefits will have to be pared back.
: National Bureau of Economic Research, May); and Valentina Bruno and Hyun Song Shin (2013), “Capital Flows and the RiskTaking Channel of Monetary Policy,” NBER Working Paper Series 18942 (Cambridge, Mass. : National Bureau of Economic Research, April). 3  See Sirio Aramonte, Seung Jung Lee, and Viktors Stebunovs (2014), “Risk-Taking and Low Longer-Term Interest Rates: Evidence from the U.S.