Lieberman: Medicare Will Go Broke and ‘Take Our Government Down With It’
When unveiling a proposal to reform Medicare alongside Senator Tom Coburn (R-Okla.), Senator Joe Lieberman (I-Conn.) warned that the entitlement program will eventually “go broke” and lead to a “fiscal disaster” for the United States.
“Each Medicare enrollee will on the average take almost three times more out in Medicare benefits than they contribute in payroll taxes and premiums,” Lieberman said during a press conference at the Capitol on Tuesday.
“That’s why we say that the status quo of Medicare is unsustainable. And what we mean is that if we do nothing, Medicare will go broke and take our government down with it.”
Senators Coburn and Lieberman claim their proposal would save more than $600 billion over 10 years and reduce Medicare’s 75-year unfunded liabilities by about $10 trillion.
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Comments
one persons trash is another persons treasure
Submitted by MidAmerica on Wed, 06/29/2011 - 1:20pm.
The democrats stay in power because of defective legislation and resisting any attempts to fix problems. When someone steps forward, as these two have done, the dems first reaction is that they have a renewed opportunity for getting votes by scaring granny into believing that there is an effort to take away their Medicare and they, the compassionate democrats, won't let that happen.
....and so nothing gets done. ditto Social Security, schools, immigration,healthcare, balancing the budget and the list goes on....
The CRUSH of government!
Submitted by MaximusBraveheart on Wed, 06/29/2011 - 1:22pm.
Things that started so small end up so big. Despite our founders' warnings, statists proceed to take us on slippery slope of doom. Liberals laugh at the slippery slope on moral issues. Now that we are in the gutter of this choice, there is no disputing the error. Freedom, self reliance, liberty & charity is the way to go. Let us return!
-- Maximusbraveheart -- Is TRUTH knowable? Moral Relativism is the abandonment of Truth. Truth is knowable. Truth conforms to Reality. Reality is observable by evidence & witness in this day & from history. Relativism is Sesame Street play land.
In fact obamacare is a
Submitted by MidAmerica on Wed, 06/29/2011 - 1:34pm.
In fact obamacare is a perfect example of ideal legislation in the eyes of democratic strategists because it is such a horrid mess. For the democrats it will be the legislation that can be mined for votes forever. Since obamacare effects everyone, any attempt to fix its serious problems will undoubtably negatively effect some people so in will ride the democrats on their white horses demogoguing the issue for all the votes they can get. ..and stopping any attempt to alter the existing legislation.
MidAmerica,
Submitted by Agnostic on Wed, 06/29/2011 - 2:58pm.
Why do you think the media compared him to FDR so much. While FDR's programs frequently failed his party held on to Congress for decades scaring the voters - especially the elderly prior to the 60's and then it was a nice mix of scaring the elderly and the minorities.
Dear God, Can there be term
Submitted by ChicagoSteve on Wed, 06/29/2011 - 2:50pm.
Dear God,
Can there be term limits for these morons? I'm sorry God I shouldn't have called them morons, I meant stupid morons.
Take our government down? Go for it!
Submitted by jon_torlin on Wed, 06/29/2011 - 4:54pm.
It's been said that if the existing government as it stands is out of control or not fulfilling its obligation, it must be abolished so that a new one can be formed.
At this point, that may be the only recourse the way things are going.
I got absolutely no problem with that. It'll take time, but it can be done.
-Jon
That's not the problem
Submitted by ThisnThat on Wed, 06/29/2011 - 5:37pm.
Lieberman: “Each Medicare enrollee will on the average take almost three times more out in Medicare benefits than they contribute in payroll taxes and premiums."
The problem is, the contributions weren't invested correctly. Even at 3% interest, compounded annually, these contributions would have increased by a factor of 3. Lieberman is talking about Government mis-management of our money, not a "revenue" problem.
__________
“Didn't win the Medal of Honor? Didn't even serve? Then lie about it. We'll support you." — 9th Circuit Court
Yes, but too bad the Gubmint invested in snail belly futures.
Submitted by SickofLibs on Wed, 06/29/2011 - 6:03pm.
0.04% max in a good year.
Just do the simple thing
Submitted by ThisnThat on Wed, 06/29/2011 - 6:50pm.
Invest in T-bills. It doesn't take an o'bama tax cheat Treasury head to figure that one out.
__________
“Didn't win the Medal of Honor? Didn't even serve? Then lie about it. We'll support you." — 9th Circuit Court