Medicare Is Doomed (Sheldon Richman)
Wednesday September 5th, 2012
When Democrats accuse Republicans of wanting to “end Medicare as we know it,” they are right. But Democrats do too. “Medicare as we know it” is no longer an option.
Leaving aside Medicare’s fatal moral defect — that it’s coercively funded — the program is doomed. It has tens of trillions of dollars in unfunded liabilities. It threatens working generations with a crushing tax burden. Because of the relative size of the Baby Boom generation, soon there will be only two workers to pay each retiree’s medical bills. Younger people might have other plans for their money.