Medicare Will Be Insolvent by 2026, Social Security by 2035

[esmith]

It seems that Medicare and Social Security is in serious trouble unless Congress touches the 3rd rail of politics.

Medicare, Social Security face shaky fiscal futures
Retirement alert: Medicare will be insolvent by 2026, Social Security by 2035, report warns

 

[Altfish]

It seems that Medicare and Social Security is in serious trouble unless Congress touches the 3rd rail of politics.

Medicare, Social Security face shaky fiscal futures
Retirement alert: Medicare will be insolvent by 2026, Social Security by 2035, report warns

With bad management maybe; but Europe has systems that work fine.. So it does work if properly funded.

Why is the GOP so scared of it?

 

[Quetzal]

It seems that Medicare and Social Security is in serious trouble unless Congress touches the 3rd rail of politics.

Medicare, Social Security face shaky fiscal futures
Retirement alert: Medicare will be insolvent by 2026, Social Security by 2035, report warns

Correct me if I am wrong, but hasn't the government been drawing money from these two things? Stopping that might be a nice start.

 

[ChristineM]

It seems that Medicare and Social Security is in serious trouble unless Congress touches the 3rd rail of politics.

Medicare, Social Security face shaky fiscal futures
Retirement alert: Medicare will be insolvent by 2026, Social Security by 2035, report warns

The link is not accessible from my country, i am in france which seems to have reasonably well funded medical and social security systems (there is always an argument for more funding).

That is the key, funding. If people will not pay taxes to ensure adequate provision for those in less salubrious situations then dont blame the recipient, blame the country.

 

[esmith]

With bad management maybe; but Europe has systems that work fine.. So it does work if properly funded.

Why is the GOP so scared of it?

Social Security when it was first implemented in 1940 the ration of workers to beneficiaries was 159.4 workers per beneficiaries, in 2013 the ratio was 2.8 workers per beneficiaries and today people are living considerably longer.
So tell me where you see mismanagement at? Source: Social Security History
Similar situation for Medicare plus the increase of medical care.
It's not the GOP alone, all politicians are afraid to touch the third rail.

 

[Salvador]

If there were Social Security and Medicare for all American citizens, a universal basic income benefit system along with a single payer health care insurance system like Medicare for All could be well funded by all forms of federal taxation;: income taxes payroll taxes, value added taxes, excise taxes, estate taxes. I know how much senior citizens enjoy their social security and Medicare, so I'm sure they along with everybody wouldn't mind paying something like a 10 percent value added tax on our consumption of resources in order that every American family would get to enjoy the benefits of having Medicare and Social Security. ...

 

[esmith]

Correct me if I am wrong, but hasn't the government been drawing money from these two things? Stopping that might be a nice start.

That isn't the problem see my answer to @Altfish above

 

[David1967]

That is the key, funding.

True. If we would pull our military out of Afghanistan and reroute that money toward healthcare we would have plenty of funding.

 

[esmith]

I know how much senior citizens enjoy their social security and Medicare, so I'm sure they along with everybody wouldn't mind paying something like a 10 percent value added tax on our consumption of resources in order that every American family would get to enjoy the benefits of having Medicare and Social Security. ...

And what world to you live in.

 

[ManSinha]

With bad management maybe; but Europe has systems that work fine.. So it does work if properly funded.

Why is the GOP so scared of it?

If memory serves - Bill Clinton won Florida against Bob Dole -

There were reports that he stated (incorrectly) that Bob Dole was out to reduce Medicare spending when the real intent was reduce increases in said spending

As might be surmised - it is potentially a white hot topic among voters that are influential and in the position to swing elections - as such the desire / decision to keep away from it

Plus - to my knowledge there are only two real ways to affect that - decrease benefits or increase taxes - it is a lose - lose situation - so the tendency as a former CA governor put it - to kick the can down the road.

 

[esmith]

True. If we would pull our military out of Afghanistan and reroute that money toward healthcare we would have plenty of funding.

Oh you poor misguided/misinformed person.

 

[Altfish]

Social Security when it was first implemented in 1940 the ration of workers to beneficiaries was 159.4 workers per beneficiaries, in 2013 the ratio was 2.8 workers per beneficiaries and today people are living considerably longer.
So tell me where you see mismanagement at? Source: Social Security History
Similar situation for Medicare plus the increase of medical care.
It's not the GOP alone, all politicians are afraid to touch the third rail.

Because government money goes to tax cuts for the rich instead of increasing the minimum wage. When the low paid get a rise IT IS ALL spent on essentials, usually locally, so local businesses thrive and employment goes up.
Give the money to the rich and it vanishes into pension funds and the likes.

Why are European politicians scared to scrap it?

 

[esmith]

Because government money goes to tax cuts for the rich instead of increasing the minimum wage. When the low paid get a rise IT IS ALL spent on essentials, usually locally, so local businesses thrive and employment goes up.
Give the money to the rich and it vanishes into pension funds and the likes.

Do you really believe what you are saying???????
How about doing some fact checking.

 

[David1967]

Oh you poor misguided/misinformed person.

Explain please. I do believe Afghanistan is a waste of resources now. If you mean that I'm misguided thinking that money would ever be rerouted to health care,,,your probably correct.

 

[Salvador]

And what world to you live in.

I live in a world where Medicare and Social Security are widely praised by their recipients; so then there'd be good reason to have this for all Americans. ...

 

[esmith]

I live in a world where Medicare and Social Security are widely praised by their recipients; so then there'd be good reason to have this for all Americans. ...

All (or most) U.S. citizens over a certain age, 65 (or earlier) receive Social Security and Medicare

 

[Altfish]

Do you really believe what you are saying???????
How about doing some fact checking.

I have, it works.
Reducing tax on the rich fails.

 

[Ellen Brown]

It seems that Medicare and Social Security is in serious trouble unless Congress touches the 3rd rail of politics.

Medicare, Social Security face shaky fiscal futures
Retirement alert: Medicare will be insolvent by 2026, Social Security by 2035, report warns

I hope to be a memory before then.

 

[esmith]

I have, it works.
Reducing tax on the rich fails.

How does the equate to Medicare and Social Security given the following:
Medicare is funded by the Social Security Administration. Which means it's funded by taxpayers: We all pay 1.45% of our earnings into FICA - Federal Insurance Contributions Act - which go toward Medicare. Employers pay another 1.45%, bringing the total to 2.9%.
Workers and employers pay for Social Security. Workers pay 6.2 percent of their earnings up to a cap, which is $127,200 a year in 2017. (The cap on taxable earnings usually rises each year with average wages.) Employers pay a matching amount for a combined contribution of 12.4 percent of earnings.

 

[esmith]

I hope to be a memory before then.

Not me and I'm 77 this year.