May
14
2009
Social Security and Medicare Collapsing Under the Weight of Recession
Posted by Flap in Medicare, Obamacare, Social Security
Political Cartoon by Michael Ramirez
And, the Obama Administration is INCREASING spending while insolvency looms for social security and medicare?
Even as Congress hunted for ways to finance a major expansion of health insurance coverage, the Obama administration reported Tuesday that the financial condition of the two largest federal benefit programs, Medicare and Social Security, had deteriorated, in part because of the recession.As a result, the administration said, the Medicare fund that pays hospital bills for older Americans is expected to run out of money in 2017, two years sooner than projected last year. The Social Security trust fund will be exhausted in 2037, four years earlier than predicted, it said.
Spending on Social Security and Medicare totaled more than $1 trillion last year, accounting for more than one-third of the federal budget.
Does anyone REALLY think that the United States can afford universal health care coverage and Obamacare? Hell, America cannot afford the system we have now.
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