Guess what people? It looks like when they went back to look at the numbers, they discovered that the bean counters had yet again been too optimistic. What am I talking about? Well, it seems that the projections for how soon SS and Medicare would run out of money were way too optimistic, and both will implode far sooner.
May 13 (Bloomberg) — Medicare, the U.S. health insurance program for the elderly and disabled, and the Social Security trust for the disabled and retirees are running out of money sooner than the government had projected.
While Medicare won’t have sufficient funds to pay full benefits starting in 2024, five years earlier than last year’s estimate, Social Security’s cash to pay full benefits runs short in 2036, a year sooner than the 2010 projection, the U.S. government said today in an annual report.
What went wrong?
Both forecasts were affected by a slower-than-anticipated economic recovery, the government said. The estimates for funding add urgency to talks between Democrats and Republicans on ways to cut spending to reduce the U.S. budget deficit.
“Projected long-run program costs for both Medicare and Social Security are not sustainable under currently scheduled financing, and will require legislative corrections if disruptive consequences for beneficiaries and taxpayers are to be avoided,” according to the report summary.
That’s code for the outlays are just going to grow way too fast for government under the current revenue plan, so government needs to find more revenue, or cut services. So then come the bullshit lefty talking points.
The 2010 health-care overhaul backed by Democrats extended the life of Medicare, though a greater effort is needed to shore up the program’s long-term funding, Treasury Secretary Timothy Geithner said in a statement distributed with the report.
“If we do not do more to contain health-care costs, our commitments will become unsustainable,” said Geithner, managing trustee of Medicare and Social Security, in the statement.
Talk about bullshit. How the fook is a program that taxes us for 10 years, but only provides benefits at the tail end, 5 or 6 years depending on whose talking, of that decade, like a game of shells moves around cash under delusional promises of fiscal restraint by a government that admits billions are already inefficiently allocated or flat out embezzled, and that despite the efforts to lie its way out of it is going to use the rationing of care to try and contain costs, after adding close to 30 million uninsured, going to lower anything? Again, talk about your delusional, partisan, bullshit. And they don’t even discuss SS, because the left has been the one to resist all attempts to fix that Ponzi scheme.
Here is a news flash. Be prepared for both to go belly up far sooner than they are predicting even in this correction, unless we break them both away from government control. The left’s game that what’s needed is more spending, and to do so more taxes, isn’t even a bandaid. The lesson here is that there are no free lunches. Maybe once the economy implodes, unavoidable if we let the big government types continue to run the show, the people that are left and try to rebuild the country, realizing that there isn’t enough of other people’s wealth to give everybody everything for free, somehow set up a system of government that will never allow that to happen again. Of course, that’s wishful thinking because what’s far more likely to happen is that we end up wit a government like that of the old USSR and the same quality of life. Socialist utopia baby!