Social Security and Medicare: Even Worse Deal for Younger Workers (Make Medicare Soluble)

ATR ^ | 8/5/10 | Ryan Ellis

[Andrea19]

The Social Security and Medicare Trustees report came out today, about five months overdue.

The topline data is pretty bad. Social Security is paying out more in benefits than it collects in taxes this year and next, and will do so permanently starting in 2015. So Social Security is officially in the red.

For Medicare, the report says that everything is fine, unless of course you assume what everyone does--that Medicare-earmarked tax revenues will in fact be used to pay for Obamacare, in which case Medicare is broke.

Most of the analysis has focused on the solvency of the systems. That's not really the point. The point is how workers will fare in retirement. The answer is "not well..."

Read more: http://www.atr.org/social-security-medicarebr-even-worse-deal-a5292#ixzz0vlo0uUmt

[Andrea19]

Things are only getting worse for the American people.

Help promote Conservative activism here & here & here & here

[rbg81]

Whoever is in power, these programs are broke. No one has the massive magic wand (or wallet) required to fix them. Anyone who tells you otherwise is lying.

[Frantzie]

Young folks who voted for Obama need to be taxed more to save SS and Medicare plus the illegals who get EVERYTHING you can think of FREE.

The old folks who voted for him need to hurry up and die. Idiots who watch TV still support the regime cause ALL the networks support him.

[preacher]

No problem. The Fed can simply buy the bonds (IOUs) held by SS fund. Just print money

[Fee]

DITTO. No matter who is POTUS in 2012 and controls Congress in 2010 onward, the US cannot pay off their debts and obligations that exceed 58 trillion or about 4.5X GDP. Most experts think the US will use selective defaults. The US will not default on their T bills because they will need foreign buyers of T bills to payoff the ones maturing. The US gov will default on their obligations to their citizens first. If you want to collect Soc Security, deplete all your savings first, you want to be covered by Medicare deplete all your savings first. Bottom line, we will all retire in poverty unless you have huge savings or are rich.

[rbg81]

you want to collect Soc Security, deplete all your savings first, you want to be covered by Medicare deplete all your savings first. Bottom line, we will all retire in poverty unless you have huge savings or are rich.

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Yeah, that what I see too. With Medicare, the benefits will be great on paper. But the reimbursement rates will be so low, that no [competent] Doctor will accept them. People will have to buy supplemental to pay the difference between the promise and the reality. Only the illegals will get quality medical care for free.

[DrC]

In 75 years, the average Social Security check (assuming Uncle Sam still pays 100% of promised benefits) will be entirely absorbed by the medical costs not covered by Medicare for a typical elderly person (i.e., deductibles, coinsurance, premiums for Parts B and D etc.).

[cherry]

since the govt has access to ALL of our finacial dealings, there is no way to protect your assets....

I'd suggest helping you're grown kids before you get too old.....or you're whole life's work and savings will be pittered away...