Skip to comments.Federal healthcare spending tops Social Security for the first time
Posted on 01/26/2016 6:40:06 AM PST by artichokegrower
The government spent $936 billion last year on health programs including Medicare, Medicaid and subsidies related to the Affordable Care Act, a jump of 13 percent from 2014, according to the Congressional Budget Office.
Spending on Social Security, in contrast, totaled $882 billion, the Congressional Budget Office (CBO) reported.
(Excerpt) Read more at thehill.com ...
7.65% from the worker, 7.65% from the employer. Self employed gets hit with both. The 7.65% is 6.2% for Social Security and 1.45% for Medicare.
At least we paid into the system and continue to pay into the system
They always lump MEDICAID in there when they discuss spending as if all the seniors are welfare cases . What premiums have MEDICAID recipients paid and continue to pay?
Yep we really need PEACE now more than ever
Public Employee Affordable Care Enrollment Act.
All Persons that can be classified as a âPublic Employeeâ, Shall purchase their own individual and family Health Insurance from the Affordable Care Act Exchange.
A President Trump or Cruz could force the issue by Executive Order, because with either one as President, there is NO WAY IN HELL the GOPe will send a bill repealing Obamacare to a Republican President, he Might actually sign it.
Plus this include the subsidies for obamacare, so what they will do is cut costs for the baby boomers that have paid into it for years to cover obamacare for everyone else including illegals.
Throw the budget so deep into a black hole that rebuilding the military will be impossible.
I am not aware of Medicare disability
Do you mean social security disability SSI?
Thank you for pointing out the difference. So many forget that Social security is not a freebie program. The money has been taken out my pay since I started working at 16 years old.
(p)I,m now 66. It,s my money! And I want it back.
“Federal healthcare spending tops Social Security for the first time”
No problem Uncle Sam will just print more money, problem solved. /s
“They always lump MEDICAID in there when they discuss spending as if all the seniors are welfare cases . What premiums have MEDICAID recipients paid and continue to pay?”
You may “pay into the system” but you take out a lot more than you ever pay in. That’s welfare, subsidy, screwing over your children/grandchildren, etc. etc.
You need to get this through your head - every senior needs to get this through their heads, so you can stop with the illusion that you pay your own way. You don’t.
It’s becoming clear that the socialist juggernaut that Obama has started will mean less for you and me and more for an expanding base of poor and illegals, because they think it’s only fair to change the rules so you and I don’t get too much. Enjoy what you have now because that may be all you’re ever going to get. Young people, you’re being taxed for Obama care at a time when you should be saving to buy a house - your quality of life is less than it was for me at your age, and now as a senior, I am being squeezed by changes in the rules. No COLA (Cost of Living Adjustment) for three years out of Obama’s years in office. Keep that in mind when you think about your senior years and retirement planning, your government is just waiting to scr$$$ you and limit the amount of income you have to live on. Crappy or no interest rates on CD’s and Elite Savings Accounts, no COLA for your piddly Social Security check ditto for retired federal and postal workers which is my situation, I’m not eligible for SS because my working time was federal and even if I would qualify, they’d cut it 60 percent because of the Government Pension Offset against double dipping. I’m in a situation where the government at all levels continues to raise rates and taxes and costs continue to rise but the government doesn’t factor those costs into COLA configurations, yet they have plenty of funds to bring in refugees and accommodate illegals and many dubious programs.
Except that every Senior should be paid more than they put in.
If you are only paid what you put in, then you have received no return on your investment. The minimum amount that should be paid is the Present Worth of an annuity for all the years you paid in for the inflation rate over that period.
For example, if a person collecting social security put in $500 for the year in 1975, and we have averaged 5% inflation over the past 40 years since he put that money in, that %500 in 1975 dollars is worth $3,500.
It would be hard for me to calculate the annuity because inflation pushed pay up over the 40 years and you earn a lot more as you get promotions and raises, so the most recent contribution would be much much higher for the last year, but of course that may only be compounded over say 10 years if the retiree collecting SS today retired in 2005.
The point is, you can’t just add up the contributions and then say anything the retiree collects over that he hasn’t paid in. That is not true. You have to calculate the present worth of the time value of that money he put in over his 30 year career. It is going to be a LOT more than the face value put in. It could be 3 or 4 times face value depending on the inflation rate experienced.
People who started putting money in in 1975 were experiencing a 10 ar 15% inflation rate back then. That is not insignificant.
But just saying “You put in $125,000 and you are collecting way more” isn’t true. You have to calculate the present value of those contributions by the inflation rates they incurred.
For over 50 years the govt took roughly 12% of every payday for a great many people probably including your parents and grandparents
Now if you want to take a principled stand, then you pay your parents’ medical bills . Of courses, the law says that you HAVE to sign up for MEDICARE or you can't collect social security - so you can support them there, too
Oh and if they are retired military? NO military health care after 65 unless they sign up for MEDICARE.
You give me better options and send me back 50 years and release me from the laws taking my money and maybe I make different choices
Well written. It is very clear that there is not enough to go around and this house of cards will fall, the question is when. The printing of more money is part of the smoke and mirrors to fool us into believing that Uncle Sam will pay us back (with interest) every dime we paid in. We both know it is a lie. The model I am working on is to try to be self sufficient, it means I can possibly retire when I am 72. Until then I recommend investing in land, as much land as I can get the tittle to.
“It’s called â insuranceâ pal”
When the entirety of what everyone pays in is eclipsed greatly by the cost of the benefits that are consumed it’s called wefare, subsidy, screwing your kids/grandkids, generational theft. Or whatever you wish to call the receiving of someone else’s labor.
If we are going to change from the socialist institutions that we can’t afford, we have to communicate the facts to those, like you, who do not understand how socialism steals from people.
Yes you were stolen from too, but that doesn’t mean you get to do it.
There is no investment. Money paid is a ttax. A tax is not an investment and produces no return
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