Threat to Medicare Funds Is Nothing New
Here’s something to keep in mind as congressional lawmakers wail about yesterday’s news that, at the current rate of spending, Medicare’s hospital fund won’t be
Jul 31, 20201.3M Shares17.6M Views
Here’s something to keep in mind as congressional lawmakers wail about yesterday’s news that, at the current rate of spending, Medicare’s hospital fund won’t be able to pay all its bills just eight years from now: We’ve seen worse — and it wasn’t too long ago.
In fact, in both 1993 and 1995 the hospital fund was just six years away from insolvency, according to a fascinating historical perspectivecompiled by the Kaiser Family Foundation yesterday. In 1997, the news was even more bleak, with the fund projected to go bust just four years later. In each instance, Congress stepped in to tweak the program at the edges, bolstering the coffers a bit and providing a few more years of life to the fund.
This is by no means justification for policymakers to continue punting the problem, at intervals, down the road. (Indeed, some of the most powerful policymakers in Washington, beginning with President Obama, are ready to dismiss the petty reforms this year in favor of a complete overhaul of the nation’s health care system.) But it does remind us that the sky’s not falling.
Paolo Reyna
Reviewer
Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
In his free time, he loves to travel, watch films, read books, and socialize with friends.
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