Back in 1965… the cost of Medicare was THREE BILLION DOLLARS
At that time it was projected that by 1990 the cost of Medicare would be TWELVE BILLION – reality for 1990 – 110 Billion
2014… Medicare expenditures 511 Billion…
Right now the fund is projected to be BANKRUPT by 2030..
In 1965.. I had just graduated from high school.. and in 2030.. I will have reached my expectant life expectancy of 83.. now here is the really scary point.. is that there is 17 yrs of baby boomers behind me.. and Generation “X”… the baby boomer’s kids.. will just be reaching Medicare age.. in 2030
Filed under: General Problems
Steve, I’m really surprised at you! You are very well informed about these subject areas, but sir, you are drinking THEIR Koolaide! Medicare, although admittedly outrageously expensive, is the ONLY government program in the black! The reason that ” it is going bankrupt?? Because they are using the funding for other pet projects!! It is the government that keeps borrowing from Medicare, not the other way around!! Employers and employees contributions have risen with the increases to keep up with the outrageous medical expenses. Dig a little deeper my friend. It is a good talking point for politicians, but not the truth. Since when have politicians EVER told the truth?
You are most likely 100% correct.. what ever “lock box” there may have been.. it has been robbed by Congress over the years and making SS/Medicare as a pay as you go program and filled that “lock box” full of IOU’s from Uncle Sam.. The other truth is that during this administration… our national debt has increased more than the total debt accumulated by the first 43 Presidents.. now some 18 Trillion dollars. and social security & Medicare has long term promises totaling > 100 TRILLION.. The reserves of those lock boxes is running out and where is the money going to come from to redeem those IOU’s in those “lock boxes” ? Increase taxes, raise retirement age, decrease benefits or stop the annual CPI adjustment.. The Social Security program is a Ponzi Scheme and Uncle Sam is just another Bernie Madoff https://en.wikipedia.org/wiki/Madoff_investment_scandal