USA Today is reporting that more and more boomers are worried they won’t have Medicaid or Social Security benefits. It seems, though, that those in or near retirement — essentially everyone 55 and over — will have the “political muscle” to forestall any major cuts or reforms.
As for the rest of us? … the children and grandchildren of the boomers?
“The American Academy of Actuaries says eliminating the 75-year Medicare deficit would require an immediate 122% increase in the 2.9% Medicare payroll tax, a 51% cut in benefits, or a combination of the two.” Likewise, “By 2017, Social Security is expected to start paying out more than it collects in payroll taxes. It faces a funding gap over the next 75 years of about 1.8% of taxable payroll. That gap could be addressed by raising taxes or cutting benefits by a like amount.”
Isn’t it obvious that government-run, taxpayer-funded healthcare and retirement have been a complete disaster? So, why are we still talking about universal, single-payer healthcare?
And let’s not forget that 75-year deficit assumes the programs break even in the 76th year.