Y2K - (Year 2000) Problem: Also known as the "Millenium Bug", the Y2K issue is a result of the fact that, for more efficient processing, most computer programs have used a two-digit year - 04/10/98 not 04/10/1998. Thus, at the turn of the century, programs that have not had this problem fixed may interpret the date 04/10/00 as 04/10/1900, not 04/10/2000. Corporate America has spent billions of dollars addressing this issue.