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On that page you will find the average wage index from 1965 (when Medicare began) to 2013.
In 1965, the average wage index was $4,658.72
In 2013, the average wage index was $44,888.16
You've made 2 mistakes:
1) The 1965 figure is not adjusted for inflation, and
2) Those figures are for only per person. I told you the number I used was total meanhousehold income because not all households had 2-income parents, so I didn't assume double the income.
The total amount is $1,065,573.10. You contribute 1.45% each year to Medicare. The total amount earned based on the Average Wage Index times 1.45% is $15,450.81.
Oops. You forgot to adjust for inflation and compound the growth.
1) The 1965 figure is not adjusted for inflation, and
2) Those figures are for only per person. I told you the number I used was total meanhousehold income because not all households had 2-income parents, so I didn't assume double the income.
I'm going to use single income based on single coverage and further, I'm going to say, those where a single income covered a married couple, only means they are bigger thieves.
If you want to make the assumption that everyone was married and every married couple were both working in 1965, you would be completely misrepresenting, just like you've done here with your completely bogus numbers.
I'm going to use single income based on single coverage and further, I'm going to say, those where a single income covered a married couple, only means they are bigger thieves.
You can't just take one income to cover two people when historic mean houshold income data proves you wrong on that right at the outset. Note that the mean household income was greater than one income but less than doubling individual wages. It's a much more accurate representation. That's why I used it.
It would be interesting to see a 75 year old shopping for health coverage on the open market.
What I'm sick of is young people getting free medical care handed to them on a platter. It would interesting to see a 6 year old with asthma shopping for health coverage on the open market.
Way too many young people simply assume that somebody is going to put a roof over their head, food on their table, pay the utilities and haul them to the doctor when they do something stupid like stepping on a sharp object. Oh, and of course provide them with a free or massively subsidized education.
All for a mere 20 years or so, unless they lay around the house even longer. What have they paid into the system?
The truly sad thing is, I know plenty of adults who started out the same way. Disgusting. Takers, every one of them.
You can't just take one income to cover two people when historic mean houshold income data proves you wrong on that right at the outset. Note that the mean household income was greater than one income but less than doubling individual wages. It's a much more accurate representation. That's why I used it.
Please. If only 50% of women were working in 1980, far fewer were working in 1970. Further, it is more accurate to look at an individual's contribution for an individual's coverage. But since we know Medicare used to cover a couple on a single person's wages, that shows all the more how horribly small the Medicare recipient's contributions were for the coverage they are receiving. Two people sucking up coverage for a total contribution of $15K.
Ten times a fake arbitrary number has nothing to do with anything.
You've failed to both adjust for inflation, and compound the growth.
You said you have kids. What do you do for a living? And do you have a college degree? If so, from where?
You really can't admit it, can you? I show you the real average wage index and you can't admit you're wrong. No wonder you feel so entitled. I love how you decided on $60,000 for 1960. Awesome.
What I'm sick of is young people getting free medical care handed to them on a platter. It would interesting to see a 6 year old with asthma shopping for health coverage on the open market.
Way too many young people simply assume that somebody is going to put a roof over their head, food on their table, pay the utilities and haul them to the doctor when they do something stupid like stepping on a sharp object. Oh, and of course provide them with a free or massively subsidized education.
All for a mere 20 years or so, unless they lay around the house even longer. What have they paid into the system?
The truly sad thing is, I know plenty of adults who started out the same way. Disgusting. Takers, every one of them.
I agree! Let's put those toddlers to work
The average wage index (found here National Average Wage Index) shows an income from 1965 to 2013 averaged at $21K, making the average Medicare contribution $15,450. That's an incredibly small amount for the 20 to 30 years of medical coverage a senior receives.
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