Editorial: Social Security, Medicare at risk
Perhaps you've heard:
But if serious people don't start paying attention, the woes of
Put simply, both programs are or soon will be paying out more than they're bringing in. Worse, they are borrowing from future generations to do so, compounding a problem just as Baby Boomers are beginning -- or have begun -- retirement. That aging of a generation threatens the financial futures of younger generations, which are decades from retiring but are still paying into an unbalanced system. That is why America faces a slow-motion disaster.
Remedies are many, but few are popular. For example, to fix
Whatever the consensus,
Similar issues plague Medicare, which is the health insurance program that covers people of retirement age. A new report says Medicare is headed for the rocks at an even faster clip than
The most obvious, and perhaps least popular thing to do would be to raise the Medicare tax -- the slice taken from workers' paychecks to fund the system. But concerted, sustained efforts to bend the health care cost curve downward are also essential. Can more care be provided remotely, over the internet? Can drug costs be negotiated down to make medications more affordable? Can the level of improper billing and outright fraud be cut down to be less wasteful and more efficient?
The cost of health care remains an enormous problem, both for the individuals who are at the mercy of the medical system and for the economy as a whole. The American health care system obviously would benefit by new approaches that encourage healthier living and more efficient delivery of care.
Meanwhile, the cascading promises of pandering politicians that the government (i.e., taxpayers) can provide endless mountains of "free stuff" to everyone, when these two long-established programs remain at risk, seem to defy common sense.
The sirens are wailing.
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