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Medicare Costs Exploding

No surprise here, largely in part to the OUTRAGEOUS Medicare bill that Bush signed in December. The Medicare board of trustees in its annual report to Congress said the program's hospital insurance trust fund could run out of money before the end of the next decade. Of course, the costs of the new Medicare bill will be much higher than projected.

Social security is another Ponzi scheme of the highest magnitude, but it is actually looking BETTER than the projections for Medicare now.

Here is a summary of the bleak projections:

  • Under current law, Medicare's hospital insurance trust fund, which pays for inpatient hospital care, will be exhausted in 2019, seven years earlier than forecast last year.
  • Medicare will grow much faster than the economy as a whole, increasing from 2.6 percent of the gross domestic product last year to 3.7 percent in 2010, 7.7 percent in 2035 and nearly 14 percent at the end of the 75-year period commonly used for long-range projections.
  • Projected Medicare costs would exceed those for Social Security in 2024. By 2078, the level of Medicare expenditures would represent nearly twice the cost of Social Security.

Folks, spending nearly 20 percent of our budget and trillions of dollars for a health care system that does not work and transfers the majority of the profits to drug companies that could care less about your health is certainly a prescription, but not for health--for economic disaster. But I really believe this is a necessary evil. Like an alcoholic, the country must feel the pain and recognize that it needs to change or it is on a fatal path that it will not recover from.

New York Times March 24, 2004

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