(By – THOMAS G. DONLAN, online.barrons.com)
As Americans observed the 50th anniversary of Medicare and Medicaid, many said that M&M have become a permanent part of American life. Everyone, even the members of the millennial generation likely to be shortchanged, expects the programs to be around to pay benefits for another 50 years.
Probably not. Partly because of M&M’s large subsidies, health-care prices began to outpace the growth of gross domestic product about 50 years ago. If M&M go on as they are, in another 50 years they will consume most of the federal budget, or require large tax increases, or force the Treasury to borrow on a scale never seen before. The U.S. will destroy its productive economy to support aged citizens in hospitals and nursing homes. Read more…
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