by John Hawkins | April 21, 2005 1:30 am
“If the Social Security financial wave that will hit us is a scary 25-foot wave of water, the Medicare wave will be something the wrathful Old Testament God would send if he was in an apocalyptic mood. Think in terms of Noah — or worse.
According to the Medicare trustees’ report last month, Medicare costs currently consume the equivalent of 8.7 percent of all federal tax revenues. That number goes up to 32.8 percent by 2025 and an unbelievable but true 90 percent of all revenues by 2075. Calculated another way, the unfunded liability of Medicare by 2075 will be a little over $60 trillion — that’s T as in totally insane.
Any way it is calculated , it can’t be afforded. Medicare is not only challenged by all the same demographic forces that are hitting Social Security, but also by the fact that demand for health care is going up, on average, about 3 percent more than the gross domestic product every year.” — Tony Blankley
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