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The "Big Three" entitlement programs in the U.S. (Social Security, Medicare and Medicaid) are poised to grow far faster than the U.S. economy in the coming decades as a result of a three-way collision among population aging, rising medical costs, and the "pay-as-you-go" approach to financing. The next President will have little choice but to address these issues in a substantive way, but doing so will be fraught with both economic and political perils. In this session, we will discuss how we got here, the implications of a failure to act, and possible reforms that can return the U.S. to a fiscally sustainable path.