Read It and Weep
Social Security/Medicare Trustees Reports 2009: Change from 2008
(Ignores existence of Social Security and Medicare Trust funds)
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The unfunded liability shown in the table above is the difference between the benefits that have been promised to retirees and what will be collected in dedicated taxes and Medicare premiums. Compared to 2008, this debt has risen by more than $5 trillion. While the Trustees' Report includes the Social Security and Medicare trust fund, making the unfunded liabilities appear less than above, this trust fund has been spent on other programs. The NCPA chart above reflects the true unfunded obligations.
And, of course, these are the numbers all the print media is ignoring.
Medicare has $89 trillion of unfunded liabilities. In 3 years without “Medicare for all” the number will hit $100 trillion.
The print media suggests that President Obama’s universal coverage will cost only $1 1/2 trillion. The truth is there is not enough money in the world for U.S. Socialized Medicine without rationing.
If you are planning on Medicare for 30 years of retirement health care I hope you are saving in a tax free HSA now because you are going to need it as Medicare cuts future benefits and raises premiums.
Money that is never taxed will last longer in retirement.
These numbers are truly mindboggling.
Like Jimmy Buffet says, “There’s numbers so big they don’t have names.”