Mitt Romney’s naming of Rep. Paul Ryan as his running mate has moved the debate over Medicare reform back to the political forefront. As everyone in range of a TV knows by now, Ryan is the author of the “Ryan budget” that “ends Medicare as we know it.”
According to New York Times columnist Paul Krugman, the plan “would kill people. No question.” Democratic consultant Paul Begala calls it “deeply evil.” Ryan’s plan, warns Obama’s campaign chairman, David Axlerod, would throw his 85-year-old, cancer-stricken father off Medicare.
If the Democrats are this hysterical already, what can we expect by Election Day? Ads showing Ryan throwing a wheelchair-bound grandmother off a cliff? Oh, wait …
“No matter who wins this November, “Medicare as we know it” is doomed.”
But here’s a fact: No matter who wins this November, “Medicare as we know it” is doomed.
According to Medicare’s trustees, the program ran a combined deficit of more than $288 billion last year. Going forward, the most optimistic estimate puts Medicare’s future unfunded liabilities at more than $38.6 trillion. More realistic projections suggest the shortfall could actually top $90 trillion.
To put this in perspective, the total wealth of every American earning more than $1 million totals roughly $11 trillion. So we could confiscate every penny belonging to every millionaire and billionaire in America and still cover less than a third of Medicare’s red ink, even using the lowest estimate for its unfunded liabilities. There is no way to fix Medicare’s finances just by raising taxes on the rich.
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