Medicare Problem Twice As Bad As Social Security
September 07, 1998
Economist To Offer NCPA Solution To Medicare Reform
The National Bipartisan Commission on Medicare Reform will receive an advance briefing on a 10 point plan to eliminate Medicare's $8.9 trillion shortfall.
Thomas Saving, Ph.D.
National Center for Policy Analysis Senior Fellow
and Director of the Private Enterprise Research Center at Texas A&M University
Medicare reform testimony before the National Bipartisan Commission on Medicare
Tuesday, September 8, 1998
Library of Congress
Among the information Dr. Saving will share with the commission:
- The financial crisis facing Medicare is twice as bad as Social Security's problems.
- Medicare's unfunded liability is more than twice that of Social Security and more than twice the total federal debt.
- For today's college student to collect Medicare benefits, the next generation (most of whom are not yet born) will have to pay out one dollar of every seven dollars they earn to cover the medical bills of the elderly.
Dr. Saving's testimony will be based on excerpts from a forthcoming study that is part of a joint project between the NCPA and PERC. The two-year project is designed to develop viable solutions to Medicare and Social Security reform and includes the development of a comprehensive simulation model for analyzing Medicare and Social Security programs.