Is Medicare Going Bankrupt?
Is Medicare going bankrupt? Yes it is, this is certainly not new news. For over 40 years politicians have ignored the problems and shortfalls in Medicare, Medicaid, and Social Security. It has been trumpeted in the popular media newspapers and television that unless some serious reform was done Medicare would be bankrupted by 2019 for over 6 years. Experts on economy, the deficit, and government spending have said for years that unless the government could find a way to cut costs by the billions and trillions that Medicare and Medicaid would not stand the test of time.
Democrats are blaming failed past economic policies while the White House puts the blame on the rising cost of health care in general. The Medicare program is already eating into it's “trust fund” money and it is feared that the projections for exhausting the fund do not take in the newer changes to the Medicare plan, such as prescription drug coverage and managed health care solutions, will exhaust the money that Medicare has remaining faster than the projected 2019 exhaustion date.
Analysts and featured speakers on both radio and TV say that Medicare is a program that we have to be “ready and willing to pay for” if we want to keep any type of Medicare programs going. This leaves the American people scratching their heads and saying, “Correct me if I am wrong but isn't that what we have been doing the entire 40+ years of the Medicare program? Isn't there a deduction from every paycheck that specifically goes to Medicare?” All of the baby boomers of the late 1940's and 1950's are reaching an age where they are now legally eligible to collect the Medicare benefits which they have paid into for years and analysts say the number of baby boomers who are now eligible for Medicare is what is going to sap the program of the remainder of it's funds.
The future for Medicare
It is unlikely that those Americans age 45 and below, who are paying into the Social Security, Medicare/Medicaid program now, will ever be able to reap the benefits that we are promised when the money is being taken from every paycheck and poured into this failing system. It seems clear that Medicare is oozing down the drain and that a socialized medical system is impossible to create and implement in the current for profit medical system which exists in America.