Archive for ‘Medicare’

August 19, 2012

Medicare Reforms

We find ourselves in a difficult place with the astronomical costs of entitlement programs. For many of my generation, we are coming to realize that these programs will not be there for us if reforms are not enacted – now. Though Medicare was created with good intentions, it was setup for failure from the beginning. It has increased costs, fraud is rampant throughout the system and it is projected to have Trillions of Dollars  in unfunded liabilities in the near future.

If we do not make serious changes to the program now, it will create a financial disaster for government that will be impossible to manage. It will lead our nation to financial ruin and catastrophe. Taxing ourselves to making this and other entitlement programs solvent, well, is like Winston Churchill said, “We contend that for a nation to tax itself into prosperity is like a man
standing in a bucket and trying to lift himself up by the handle.”

I have again partnered with the CATO Institute in proposing reforms to Medicare. Michael Cannon and Chris Edwards have put forth a proposal on downsizinggovernment.org. For the benefit of District 1 voters, I have posted it below.

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Medicare Reforms

Michael Cannon and Chris Edwards

Overview

The federal government subsidizes medical care for more than 45 million elderly and disabled Americans through Medicare. Medicare is the third-largest federal program after Social Security and defense, and it will cost taxpayers about $430 billion in fiscal year 2010.1 Medicare is one of the fastest-growing programs in the federal budget, with spending likely to double over the next decade and to surpass Social Security spending by 2028.2 Numerous studies suggest that about one-third of Medicare spending is wasted.

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