“What This Year’s Biggest Medicare Changes Mean for You,” by Liz Seegert, Kiplinger
Quote:
“The federal government is on an unsustainable fiscal path that poses serious economic, national security, and societal challenges if not addressed. Nearly every year this century, the government has spent more than it collected in revenue. To finance these deficits, the government has had to borrow by issuing debt. If current spending and revenue policies continue, the nation’s fiscal outlook is projected to deteriorate further, as debt accumulates at a faster rate than the economy grows. GAO projects that under current revenue and spending policies, debt held by the public will reach its historical high of 106 percent of gross domestic product (GDP) by 2029 and grow to 251 percent of GDP in 2056. The magnitude of policy changes needed to create a sustainable fiscal future for the federal government requires a coordinated strategy that
- includes fiscal rules to encourage fiscal discipline (and as an alternative to the debt limit);
- builds consensus about how to reduce annual deficits;
- addresses financing gaps in the Social Security and Medicare trust funds before they are depleted in 2032 and 2033, respectively; and
- considers other opportunities to improve fiscal responsibility.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
We are in a world of hurt.