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Hey what do the following government social programs have in common??
1. Social Security
2. Medicare
3. Universal Health-Care
If you guessed they are all government sponsored insurance plans you win a door prize.
Social Security - is a government sponsored Life Insurance and Annuity Plan (similar to private plans you pay into (forced) and you recieve a payment once you reach a certain age). The size of the Private Life Insurance and Annuity Market is 4.2 Trillion dollars. Social Security alone has assets totaling 2.3 Trillion. Government intervention doesn't seem to affect this private industry
Medicare - is a government sponsored Health Insurance Plan (Insurance plan key word) the government provides insurance (key word) to elderly individuals once they reach a certain age. The government spends more than 50% of the estimated 2.3 trillion dollars on health-care through this program (as the elderly have the largest cost per/person)
Universal Health - is a proposed government sponsored Health Insurance Plan (insurance plan key word) the government will provide optional health coverage for all individuals, who are not covered under a private plan.
Since the government is already involved to a considerable extent in the insurance business why are so many people against Universal Health Care?
Did operating Social Security Eliminate the Private Life/Insurance and Annuity Industry?
Did operating Medicare Eliminate the Private Medical Insurance Industry?
Anyway, if you're against Government Insurance in the Health-Care Industry you should also be against Government Insurance in the Life/Annuity Industry. Right?
Oh i just went looking for private insurance outside of my company cheapest offer i could find was 218.50 prem a month (2,600 bucks a year), but with a deductible of 2,000 and a 100 RX deductible. Hospital Stays 20% after deductible, RX 50% of cost after RX deductible, anyway rather than go on is this good or bad? (btw single coverage)
I'm still trying to understand the theory of social security. We all are forced to pay a percentage into a kitty. The government holds this money. When we get older, we're given a really really small check to live on because they took so much throughout the year. Really? THIS is our awesome retirement plan?
If this were a corporation instead of government, and we were investing this money, as opposed to having it forced upon us, this would be called a ponzi scheme.
If you're going to try to prop up the government health care takeover, try not comparing it to failing programs.
Hey what do the following government social programs have in common??
1. Social Security
2. Medicare
3. Universal Health-Care
All existing programs listed (assuming Medicaid would be a sub-set of #3) are rapidly going broke, per the Congressional Budget Office (public document, not subject to copyright):
Total spending for Medicareand Medicaid (which for the latter includes both federal and state spending) rose from 1.7 percent of GDP in fiscal year 1975 to 5.7 percent in fiscal year 2008.
The Congressional Budget Office projects, however, that spending for Medicare and Medicaid will increase much more rapidly than will their enrollments—because the programs’ costs per beneficiary are growing faster than the economy.
Total spending for Medicare is projected to increase to 8 percent of GDP by 2035 and to 15 percent by 2080. Total spending for Medicaid is projected to increase to 5 percent of GDP by 2035 and to 7 percent by 2080.
Medicare has projected shortfalls, which can be fixed by increasing revenue or decreasing expenditures. For example, one way to increase revenues...would be to increase the HI payroll tax rate from its current 2.9 percent to 9.0 percent.
Revenues dedicated to the Social Security program will continue to exceed the program’s scheduled outlays until fiscal year 2017, CBO estimates. In the long run, the dedicated revenues will be insufficient to pay scheduled benefits. CBO estimates that over the 75-year projection period, dedicated revenues will fall short of scheduled benefits by 1.33 percent of taxable payroll under the extended-baseline scenario (see Table 3-1).7 In other words, to bring the program into actuarial balance over the next 75 years, payroll taxes could be immediately increased by 1.33 percent of taxable payroll.
All existing programs listed (assuming Medicaid would be a sub-set of #3) are rapidly going broke, per the Congressional Budget Office (public document, not subject to copyright):
Total spending for Medicareand Medicaid (which for the latter includes both federal and state spending) rose from 1.7 percent of GDP in fiscal year 1975 to 5.7 percent in fiscal year 2008.
The Congressional Budget Office projects, however, that spending for Medicare and Medicaid will increase much more rapidly than will their enrollments—because the programs’ costs per beneficiary are growing faster than the economy.
Total spending for Medicare is projected to increase to 8 percent of GDP by 2035 and to 15 percent by 2080. Total spending for Medicaid is projected to increase to 5 percent of GDP by 2035 and to 7 percent by 2080.
Medicare has projected shortfalls, which can be fixed by increasing revenue or decreasing expenditures. For example, one way to increase revenues...would be to increase the HI payroll tax rate from its current 2.9 percent to 9.0 percent.
Revenues dedicated to the Social Security program will continue to exceed the program’s scheduled outlays until fiscal year 2017, CBO estimates. In the long run, the dedicated revenues will be insufficient to pay scheduled benefits. CBO estimates that over the 75-year projection period, dedicated revenues will fall short of scheduled benefits by 1.33 percent of taxable payroll under the extended-baseline scenario (see Table 3-1).7 In other words, to bring the program into actuarial balance over the next 75 years, payroll taxes could be immediately increased by 1.33 percent of taxable payroll.
Only because the wage tax, which supports them is capped at $106,000
Actually, when you look at benefit distribution, the folks who pay SS tax above $65-70K in wages get very little in additional return for their money. The program is severely loaded to provide more benefits at lower income levels.
Confiscation from the wealthier folks seems a bit repulsive to me, especially since two wage households aren't covered by the cap as though a single entity.
I'm curious to see if the OP comes back to rebut, or just disappears from this thread.
What is there to rebut, the cost of care is rising, duh! The programs are currently underfunded, ok! Do they work, you betcha.
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