John Stossel at Townhall.com reports on how Medicaid is a drag on our economy that is only going to get worse:
“This program, Medicare, is essentially ripping my generation off,” Zach Hadaway said.
Policy experts say the kids are right.
“The government spends around $6 on seniors for every dollar it spends on children, and yet the poverty rate among children is far higher,” said Andrew Biggs of the American Enterprise Institute (www.aei.org).
The federal government stiffs the young in favor of the old.
So I told the La Posada seniors that the kids called them “greedy geezers.” They said, “We’ve paid our dues.” Money was taken from every paycheck they earned.
But, in fact, the average Medicare beneficiary today collects two to three times more money than he paid in.
“I would argue that this is not only unfair, it’s downright immoral,” says billionaire Pete Peterson.
Peterson is a rarity: a senior who decided he cannot in good conscience accept Medicare. He and his foundation (www.pgpf.org) worry about the looming fiscal disaster. When Medicare began in 1965, six working-aged people paid for each Medicare recipient. Now the figure is four. It will get worse as baby boomers like me retire.
Medicare is unsustainable.
“There is $34 trillion sitting off the balance sheet, waiting for future generations to pay,” Herzlinger said.
That’s how much more Medicare money government has promised than it has budgeted. It’s the price of about 30 Iraq Wars.
Stossel says that calls to lower health care costs won’t have much effect, according to figures by the Congressional Budget Office. And there is fat chance it will be changed by vote, since seniors are a much more cohesive voting bloc than younger people.