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Invisibleafoaf
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I won't get MediCare
    #2463640 - 03/23/04 02:05 PM (13 years, 4 months ago)

http://www.cnn.com/2004/ALLPOLITICS/03/23/medicare.report.ap/index.html

Analysts: Medicare could go broke by 2019
Surplus shrinking as baby boomers retire

WASHINGTON (AP) -- Medicare will go broke by 2019 without changes in a program that is swelling in cost because of a new prescription drug benefit, trustees were to report Tuesday.

A source familiar with the trustees' report, who spoke on condition of anonymity, said the go-broke date for Medicare has been moved up to 2019, seven years sooner than last year's estimate.

The existing surplus, built up by taxes on baby boomers, is dwindling just as they start retiring.

The Social Security trust fund was in better shape than Medicare's. The source said the retirement program would become insolvent in 2042 and that Social Security would begin paying out more in benefits than it collects in payroll taxes in 2018. That matched last year's estimates.

Government officials have been predicting for years that the retirement insurance and health care funds for the elderly -- both financed through payroll taxes -- will be pushed toward insolvency as more post-World War II baby boomers reach 65.

Last year, Medicare's insolvency date was moved up to 2026 from 2030. The projected insolvency date for Social Security, on the other hand, was extended to 2042, one year later than what was forecast in 2002.

The 2003 report also projected that Medicare will have to begin dipping into its trust fund in 2013 to keep up with expenditures -- three years sooner than what was predicted in 2002. The trustees said then that Social Security expenditures will start exceeding tax receipts for the program beginning in 2018.

Republicans pressed for the overhaul of Medicare last year to give private insurers a much larger role in the program as a way, Bush and others said, to control long-term costs.

But the government's own projections are that private managed care plans will cost taxpayers more than traditional Medicare for the foreseeable future.

A big reason for an earlier insolvency date "will be a direct result of increased payments to private health plans," said Terri Shaw, an analyst with the liberal Center for American Progress.

The trustees also are expected to employ a new expanded timeline for their projections -- from 75 years to an "infinite horizon." That approach takes into account "not only people who are participating today, but all future generations who will pay taxes and draw benefits," said a report co-authored last fall by Thomas Saving, a trustee who teaches economics at Texas A&M University.

That report suggested shortfalls in Social Security and Medicare would be nearly $50 trillion.

Several analysts and Democratic congressional aides said the longer timeframe was meant to create a sense of crisis by Republicans who want to reduce the government's role in the programs in favor of private, individual investments.

Small differences in assumptions can produce major swings in projections, they said, pointing to the $139 billion difference over just 10 years in the estimated cost of the Medicare law between congressional budget analysts and Medicare's actuary.

The trustees' report is based on the estimates by Medicare actuary Richard Foster.

Democratic aides on Capitol Hill provided a mock timeline Monday that showed how the future colonization of Mars could bring with it new, greenish taxpayers who would alter the long-range projections.


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Invisibleluvdemshrooms
Two inch dick..but it spins!?


Registered: 11/29/01
Posts: 34,208
Loc: Lost In Space
Re: I won't get MediCare [Re: afoaf]
    #2466458 - 03/24/04 05:10 AM (13 years, 4 months ago)

Nobody should.


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You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity. What one person receives without working for another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for that my dear friend is the beginning of the end of any nation. You cannot multiply wealth by dividing it. ~ Adrian Rogers


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OfflineMetaShroom
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Re: I won't get MediCare [Re: afoaf]
    #2468225 - 03/24/04 06:13 PM (13 years, 4 months ago)

Why not emmigrate? We have free health care in Europe  :thumbup:


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OfflineMetaShroom
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Re: I won't get MediCare [Re: luvdemshrooms]
    #2468236 - 03/24/04 06:17 PM (13 years, 4 months ago)

Quote:

luvdemshrooms said:
Nobody should.




From a purely economic point of view, it pays to make healthcare free at the point of delivery - otherwise people will be less likely/unable to seek early treatment and problems could get much worse - leading to higher medical costs and a greater drain on the economy in the longer term as they are less likely to be able to work productively.


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InvisibleSwami
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Registered: 01/19/00
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Re: I won't get MediCare [Re: afoaf]
    #2468296 - 03/24/04 06:38 PM (13 years, 4 months ago)

But at least we are spending $200,000,000,000 on a war that will gain 99% of us nothing at all.

$300,000,000 just for info on locating Saddam's sons was money well spent as no other Iraqis will rise to take their place.

Besides, our seniors already led full lives and don't need no steenkin' medication nor social security. Hell, it was only their financial contributions in the first place. Why should they be allowed to reap the rewards of 40 years of work?


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Invisibleafoaf
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Re: I won't get MediCare [Re: Swami]
    #2468301 - 03/24/04 06:43 PM (13 years, 4 months ago)

HUZZAH!


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OfflineBaby_Hitler
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Re: I won't get MediCare [Re: luvdemshrooms]
    #2468307 - 03/24/04 06:45 PM (13 years, 4 months ago)

Unless they paid for it.


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InvisibleLe_Canard
The Duk Abides

Registered: 05/17/03
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Re: I won't get MediCare [Re: Swami]
    #2468339 - 03/24/04 06:57 PM (13 years, 4 months ago)

Yes, let's just shoot our disabled and elderly...
Waitaminute...can we afford the bullets?  :rolleyes:


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InvisibleEvolving
Resident Cynic

Registered: 10/01/02
Posts: 5,385
Loc: Apt #6, The Village
Re: I won't get MediCare [Re: Swami]
    #2468363 - 03/24/04 07:05 PM (13 years, 4 months ago)

Aren't those old farts the ones who voted Bush into office? Aren't those old farts the ones who have supported policies which put the U.S. government deeper and deeper into debt every year? Aren't those old farts the ones who want to live at the expense of the young? Do you believe that living off of the current earnings of others is a proper reward for not making proper allowances for your retirement?


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To call humans 'rational beings' does injustice to the term, 'rational.'  Humans are capable of rational thought, but it is not their essence.  Humans are animals, beasts with complex brains.  Humans, more often than not, utilize their cerebrum to rationalize what their primal instincts, their preconceived notions, and their emotional desires have presented as goals - humans are rationalizing beings.


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OfflineBaby_Hitler
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Re: I won't get MediCare [Re: Evolving]
    #2468370 - 03/24/04 07:08 PM (13 years, 4 months ago)

Aren't those old farts the ones who involuntarily paid Social Security and deserve to get what they paid for?


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InvisibleEvolving
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Re: I won't get MediCare [Re: Baby_Hitler]
    #2468395 - 03/24/04 07:14 PM (13 years, 4 months ago)

Social Security is not a retirement program, it is a wealth redistribution program. It was known DECADES ago that the system was actuarially unsound as a retirement system. It is in fact, a ponzi scheme and if it were enacted and managed in the private sector in the same manner but with voluntary contributions, the operators of such a scheme would be arrested and charged with fraud.

Those old farts had plenty of advance warning, but chose to ignore it.


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To call humans 'rational beings' does injustice to the term, 'rational.'  Humans are capable of rational thought, but it is not their essence.  Humans are animals, beasts with complex brains.  Humans, more often than not, utilize their cerebrum to rationalize what their primal instincts, their preconceived notions, and their emotional desires have presented as goals - humans are rationalizing beings.


Edited by Evolving (03/24/04 07:15 PM)


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OfflineBaby_Hitler
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Re: I won't get MediCare [Re: Evolving]
    #2468443 - 03/24/04 07:27 PM (13 years, 4 months ago)

Is it legal for a pharmaceutical company to sell a pill for $1 in one country and $4 in another?


Is it legal for a phamaceutical company to charge $0.25 for a pill to one person in America, and $400 to another person in America for the same pill?


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