The Seniors
posted in General |THE SENIORS
The old folks are no doubt pleased over the passage of the Medicare reform bill last week which is sharply tilted in their favor. And indeed, maybe they deserve good treatment from their fellow (younger) citizens. But there are some impressive numbers to be considered here. First of all, it is reported that one out of every 4 registered voters in the country is a “senior”, and beyond that, these old folks are MOST likely to vote. That is a lot of leverage in the political world. Some of our Congressional leaders or psuedo-leaders voiced concerns over placing a huge financial burden on future generations to pay for this major undertaking. The price tag voiced most often is 400 BILLION. Personally, I have little confidence in that number. As the limits of this law are stretched and stretched over time, I'd place my money on twice that amount. But whatever the amount, the old folks don't seem to be a bit concerned. Some of them mutter — “pretty good, but not enough”. Not much question about who is driving the bus.
Social Security is a big iceberg out in front of us, but there is some hope of accommodation and tax payer relief if a portion of the Plan is privatized, as has been proposed by George Bush. The Democrats of course will fight to the death to oppose privatization. If they succeed, we will in 20 years be looking down the barrel at two big financial obligations run amok — Social Security and Medicare. The country has seen large deficits before and survived. But the customary pork barrel spending plus the Terrorism war costs plus Social Security plus expanded Medicare is something far beyond what has been faced in the past. Maybe a new president down the road 15-20 years will have the job of facing all of them – maybe all at once.
Arguably, the expanded Medicare program will help George Bush win a second term. But the long term costs are worrisome — even to some of us seniors! Buy now, pay later? Well, yes, someone will pay later —- but it won't be us seniors!