May 24, 2011

Medicare Will Go Bankrupt If We Follow Democrat Plan

Washington Democrats have a plan for Medicare – do nothing and allow for the program going bankrupt and for users to lose benefits.

Leader Pelosi Wants Status Quo On Medicare. “We have a plan. It’s called Medicare.” That’s from Nancy Pelosi, who called me from Wisconsin, where she’s holding events today defending Medicare in Paul Ryan’s back yard. On the call, Pelosi laid out a message on Medicare she hopes Dems will use for — well, forever.” (Greg Sargent, “Nancy Pelosi: `We have a plan. It’s called Medicare.’” The Washington Post, 5/19/11)

Unfortunately for Democrats, Medicare is going bankrupt at a faster rate than ever according sources from both sides of the aisle.

Medicare Board Of Trustees Emphasize Need For Congress To Save Medicare. “The trustees for the funds said in their annual report that the worsening financial picture emphasized the need for Congress to make changes to avoid disruptive consequences in the future for millions of people who depend on health and pension benefits.” (“Bleaker Outlook for Social Security, Medicare,” The Associated Press, 5/13/11)

Even Treasury Secretary Geithner Admits: “Need To Reform Our Entitlements”. Treasury Secretary Timothy Geithner, who chairs the trustee’s panel, said the new report underscored “the need to act sooner rather than later to make reforms to our entitlement programs. … We should not wait for the trust funds to be exhausted to make the reforms necessary to protect our current and future retirees.” (“Bleaker Outlook For Social Security, Medicare,” The Associated Press, 5/13/11)

Medicare Has $24.6 Trillion In Unfunded Liabilities – Expect To Grow Larger. “Is Medicare is carrying $24.6 trillion in unfunded liabilities through 2085, and chief actuary Richard Foster says even that does ‘not represent a reasonable expectation for actual program operations.’” (Editorial, “Republicans And Mediscare,” The Wall Street Journal, 5/23/11)