USA Today–the American Government's mountain of debt

The health insurance program for seniors is the nation’s biggest financial challenge.

The first of 77 million Baby Boomers turn 65 this year and qualify for Medicare. Enrollment will grow from 48 million in 2010 to 64 million in 2020 and 81 million in 2030, according to Medicare actuaries. That 33-million increase in the next 20 years compares with 13 million in the last 20.

This demographic burst ”” combined with the addition of a prescription drug benefit in 2006 and rising health care costs generally ”” has created an unfunded liability of nearly $25 trillion over the lifetime of those now in the program as workers and retirees. That is the taxpayers’ obligation, beyond what Medicare taxes will bring in or seniors will pay in premiums for Medicare Part B ”” also called supplemental coverage ”” that helps pay for doctor visits and other expenses outside the hospital.

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Posted in * Economics, Politics, Budget, Credit Markets, Currency Markets, Economy, House of Representatives, Medicare, Office of the President, Politics in General, President Barack Obama, Senate, The National Deficit, The U.S. Government, The United States Currency (Dollar etc)

4 comments on “USA Today–the American Government's mountain of debt

  1. Br. Michael says:

    Well according to the degree of concern shown by the Democrats there is no problem at all.

  2. John Wilkins says:

    One thing we should absolutely NOT do is raise revenue to pay for it. That would be irresponsible. We like to have things we don’t want to pay for. Tax cuts means being able to have a free lunch.

  3. David Keller says:

    I don’t know if any of you were paying attention last week, but the IMF, European Bank and Germany made Greece REDUCE the sales/value added tax so they can raise MORE revenue. Why do simple school boy economics apply in Greece and not in the US?

  4. Sarah says:

    RE: “One thing we should absolutely NOT do is raise revenue to pay for it.”

    Right — because we already spent that “revenue” on gazillions of other things that the State decided it wanted. Clearly the State is a shopping/spending addict and the desires expand based on the credit limit of the credit cards.

    We need to lower the credit limit of the credit cards of the immature teenagers with the credit cards, since they’re not able to control their desires.