Social Security faces the serious danger of failing to live up to its name due to its unfunded obligations. Last week, the Social Security and Medicare trustees issued their report on the fiscal outlook for the program. We reported that: Social Security has a $7.9 trillion shortfall (up $0.1 trillion from last year), which means the program would require $7.9 trillion in cash—today!—to afford its promises. Alternatively, closing that gap would require payroll taxes to rise immediately and permanently from 12.4 percent of earnings to 14.24 percent. For a worker …
The Social Security and Medicare Trustees today released their annual reports on the fiscal condition of the programs, and the situation for these programs is still dire. Although the programs’ fiscal health hasn’t worsened since last year, both programs are still on an unsustainable course. Most significantly, the programs are running trillion-dollar shortfalls because they’ve promised more benefits than they can afford: Social Security has a $7.9 trillion shortfall (up $0.1 trillion from last year), which means the program would require $7.9 trillion in cash—today!—to afford its promises. Alternatively, closing …
[youtube]http://www.youtube.com/watch?v=vvHPTq3L4Y4[/youtube] David Goldhill is President and CEO of the Game Show Network and has run numerous businesses during his career. When his father died of a hospital-borne infection two years ago he began researching the entire U.S. health care system, analyzing it with the keen eye of a businessman. What he learned is that intermediaries like insurance companies, Medicare and Medicaid distort a system that is supposed to provide health care to individuals into one that serves faceless and, largely, uncaring bureaucracies. Case in point: 100,000 people die every year in America …
Obamacare: Day Three of Senate Finance Committee Hearings On Thursday, September 24th, the Senate Finance Committee continued to vote on amendments to the “Chairman’s Mark” of the America’s Healthy Future Act of 2009. As the committee continues to consider more than 500 amendments, it is becoming clear that Senators are directly undercutting the high profile promises that President Obama made to the American people in his widely broadcasted address to Congress on September 9, 2009. Consider several health policy decisions made by members of the Senate Finance Committee: Cutting Medicare …
