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Social Security, Medicare Face Depletion Within 17 Years, Trustees Say

This is not new news, just a reinforcement of what is coming hard and fast. I think by 2025. Separately, pensions will likely be in dire straights too. Have a Plan B for your personal finances...

The article may be paid content so here is a snippet:

The annual report from the trustees of the nation’s largest entitlement programs revealed Thursday that the trust fund for Social Security’s disability program will last until 2028, five years longer than previously projected, owing in part to lower-than-expected applications for disability benefits.

The Social Security system has two trust funds, one for disability and one for retirement. The fund for disability benefits is the smaller of the two—$46 billion for disability, compared with $2.8 trillion for retirement. The longer projection for the smaller fund means Congress isn’t immediately forced to grapple with looming shortfalls in any of its programs.

The overall financial health of the entitlement programs hasn’t improved, according to the report. If Social Security’s retirement and disability funds are combined into one program, their funds will be exhausted in 2034, unchanged from last year.

The trust funds were built when more people paid into the system than received benefits. As the population ages, benefit payments are projected to exceed revenues, drawing down fund balances. Under current law, when the trust funds are emptied, benefits from the programs will be abruptly reduced. The latest projections say retirement benefits would be slashed by 25%. The status of the funds is thus a potential trigger for reforms in the programs.
 

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The money has been borrowed over the years and never returned by the gangsters the voters call the politicians. The government is a Ponzi scheme.
 

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The dirty little secret is that there are no reserves to dip into. The way I understand it, SS has been writing IOUs for a long time. It’s a Ponzi scheme, pure and simple.
 

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All ponzi schemes topple once the pyramid stops recruiting and ever expanding base. The baby boomers will topple it, in part thanks to social programs that have been whittling away at those that should be in their prime productive years. Heck, I'm 43 and I'm thinking of opting out now that the wife is working again. Dual income pays a crap ton of taxes, yet a single income with 4 kids gets a crap-ton of government handouts. Were i not working i could be doing a whole pile of side jobs under the table too. Basicaly, I am bringing in about 1/4 - 1/2 at most of what I make at the end of the day. I am way under paid for what I do to begin with, then figure I only get a third of that? Let's just say I am getting a crappy attitude about work and the government only encourages that crappy attitude.
 

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True, but medicare and SS have been getting their regularly scheduled payments every pay day from hundreds of millions of people too.

One thing they can do, stop hospitals from charging as much as what many of them do.

For example, one particular Chemo drug being used today was used back in the 50's and 60's as a prenatal vitamin given to expectant mothers. (yeah, that's worth a gasp in and of itself because they discontinued its' use after an unacceptable number of babies were born with serious birth defects) but now they are charging more than a thousand dollars a pill simply because it's being used as a cancer "treatment" (I use that term loosely).

If you would like to look more into that, REVLIMID is just one example. From google: The cost for Revlimid oral capsule 2.5 mg is around $20,339 for a supply of 28 capsules, depending on the pharmacy you visit. Prices are for cash paying customers only and are not valid with insurance plans.

Another example, our hospital (A subsidiary of UK Hospitals in Kentucky) have a novel add-on surcharge if you take your own medicine during a hospital stay. You are not "allowed" to keep your own medicine and a nurse has to hand it to you. And when they do, they charge you $10 per dose, even if it's your medicine that you brought from home and belongs to you.

The medical field is ripe with abuse and has been raping the system for all they can get since commercial insurance has existed.
 

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Doesn't change the fact that the ratio of those paying vs. Those taking out has changed drastically. 16.5 workers to retiree in 1950 to about 2.5 today.
 

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The medical field is ripe with abuse and has been raping the system for all they can get since commercial insurance has existed.
Just like we have the "military industrial complex" (re.: Ike), we now have a "medical industrial complex".
 

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Yeah, it's a business. Not about health care. It's about how much money they can make.
 

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Funny how "they" never talk about welfare running out of money, when in reality it comes out of the same pot?
 

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The social security "Lock Box" is about as legitimate as the $5k tax refund for the guy who paid in $200 over the year.
 
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