Or $85,000,000,000 plus another $37,000,000,000 for AIG is disgusting.
Try this on for size.
$85 TRILLION.
That is the estimated unfunded liability for Medicare.
In other words, promised benefits and no money in the bank to pay those bills.
Medicare is funded through taxes collected from the workforce. There are approximately 71,000,000 working adults over the age of 16 at this time.
If each worker is to pay their "fair share" that means they each owe roughly $1,200,000 just to cover future promises.
Medicare went into deficit this year -- 2008. That means that this year Medicare began paying out more than the program takes in.
Oops!
Someone forgot to tell the politicians. They are giving away money like a drunken sailor and promising even more.
If we can't cover our costs for Medicare, how are we going to pay for health care for everyone?
The numbers don't lie.
UPDATE: From the "Piling On" Department. As if Bob's post isn't scary enough, just got this via email:
LAWSUIT AGAINST SOCIAL SECURITY ADMINISTRATION AND HHS FILED TODAY - AGENCIES ILLEGALLY CONFISCATE SOCIAL SECURITY BENEFITS FROM CITIZENS WHO WANT TO PAY FOR OWN HEALTH CARE RATHER THAN ENROLL IN MEDICARE
[caps in original]
"A lawsuit filed today in U.S. District Court for the District of Columbia charges the Social Security Administration (SSA) and Department of Health and Human Services (HHS) with adopting policies that deny otherwise eligible retirees their rightful Social Security benefits if those retirees choose not to enroll in Medicare. The plaintiffs have asked the Courts to temporarily and permanently prohibit SSA and HHS from enforcing the policies, which were improperly adopted, the plaintiffs say, without required public notice and hearings."
Sounds like someone understands what that $85 bazillion in unfunded liability is all about.
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