Thread: General Politics Raising Medicare's age limit.
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Old 12-12-2012, 04:41 PM   #62
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Quote:
Originally Posted by HonestChieffan View Post
Based on what assumptions....thats nice to say but without some understanding of the assumptions it means zero.....what is true is there wont be enough workers paying in to keep it afloat. And at the current rate of people leaving the workforce with no hope of getting a jo, its even worse. The good news is the retirees are not retiring at the rate that was expected or projected as a result of this horrible economy and the crushing blow they took on net worth in homes.
Its not that complicated. Here's the authors of the study answer questions about their assumptions: http://www.urban.org/retirees/Estima...l-Security.cfm

This is the bottom line:

Quote:
Why is there such a big gap between taxes paid and benefits received?

I talk more about that in my recent Government You Deserve column. Setting Social Security aside for the moment, Medicare is facing a serious financing problem. You can perform these estimates a lot of different ways and still come to the same basic conclusion: Medicare taxes are far from enough to cover Medicare benefits. In fact, Medicare taxes support only slightly more than half the total cost of benefits. The amount pulled in from Medicare taxes has never been adequate, and the system is scheduled to rely increasingly on funding from general revenues.
So yes, while it may be an inconvenient truth, Medicare is welfare. The benefits Medicare recipients take are not even close to paid for by their lifetime contributions, they are paid for by us taxpayers.
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