Experts warn of looming Social Security and Medicare cuts due to bond market pressures

Economist Bernard Yaros warns that the insolvency of Social Security and Medicare trust funds by 2034 will force Congress to implement painful cuts, primarily to non-discretionary programs, as the bond market's reactions could accelerate reforms. Despite political reluctance, historical precedence suggests fiscal responsibility will eventually prevail, with bond vigilantes potentially playing a key role in prompting necessary policy changes.