This May 15, 1997, update of J. P. Morgan Securities' original report says specifically, "It's worse than we thought." The authors warn:
"Refusing to believe that cost estimates for complying with Year 2000 requirements can really be so huge, many corporate executives seem to be in a state of denial. But, guess what? The true costs will almost certainly be higher than current estimates, and that's not even the worst news!"
[bold face:] "Cost is NOT the largest problem, however - time and people are the scarcest resources. . . . We expect triage will be the key activity during most of 1997 [end of bold face], as corporate executives organize resources to address their top-priority problems and seek methods of addressing less critical systems. . . . . (p. 1) [bold face;] Governments worldwide and international corporations appear to be even further behind than U.S. companies. [end of bold face] Despite an aggressive schedule laid out by the Office of Management and Budget, the U.S. Federal Government has made little progress in actually addressing the problem" (p. 2).