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Posted on 03/01/2007 11:06:13 AM PST by edcoil

Bill Will Add $8 Trillion to Long-Term Medicare Obligations - That Could Already Bankrupt the U.S.

The U.S. government's top accountant says the law that added a prescription drug benefit to Medicare may be the most financially irresponsible legislation passed since the 1960s.

U.S. Comptroller General David Walker says Medicare -- barring vast reform to the program and the nation's healthcare system -- is already on course to possibly bankrupt the treasury and adding the prescription bill just makes the situation worse. Walker appears in a Steve Kroft report to be broadcast on 60 MINUTES Sunday, March 4 (7:00-8:00 PM, ET/PT) on the CBS Television Network.

(Excerpt) Read more at ...

TOPICS: Government; News/Current Events
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To: cherry
"I fully expect that SS and Medicare should be helpful to those that have little or nothing and NEED it, just as I expect that after working for so many years, it will be there for me and mine ....."

I wouldn't hold your breath. I couldn't find the link but something like by the year 2017 there will only be 2 or 3 workers contributing for each recipient of SS benefits, down the road even less. Unless there are significant benefit reductions or significant increases in contributions it will be bankrupt by the time you or I qualify.

Like I said before, the Boomers were the greatest contributers to this scheme and are being blamed for its failure. It was doomed all along. Save your money and invest if you can but don't count on the government for anything unless you do want this country to be a poor socialist country.

Good luck.
51 posted on 03/02/2007 5:20:37 AM PST by poobear (Carter & Clinton - 'The Latter Day Church Of Jew Haters & Horndogs')
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To: rock58seg

Aggravating everyone is fine, just don't lie saying you are a productive citizen.

Clearly you are a selfish abuser of the system so I am not impressed with anything about you except, your self delusion.

52 posted on 03/02/2007 6:41:43 AM PST by edcoil (Reality doesn't say much - doesn't need too)
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To: edcoil
Ed baby. I'm retired. I don't even want to pretend I produce anything between naps. (Well there are my fruit trees. At least I don't have to leave the deck to watch them grow.)

Since I grew up on a farm, I have been working since I was six. I used the word "productive" as opposed to "high wage earner" because they are not necessarily the same thing.

Yes S.S. was part of my retirement planning. To ignore it's existence would be stupid, and if I were stupid, I would get hysterical about the cost of the drug bill.

Oh! In my numbers I forgot to include the approximately $3000.00 annually they reduced my S.S because I retired early. Gee, now I am beginning to feel bad. Seems like along with taxes, they are taking several thousand more more than I am receiving.

Gotta run. Need to write my Congress people.
53 posted on 03/02/2007 9:42:21 AM PST by rock58seg (Conservative American skeptics: The worlds last bastion of sanity.)
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