Trouble In The Future: Social Security and Medicare Spending Alarming
Healthcare costs are ballooning more and more every day. Social Security payments seem to be getting smaller and smaller. Over the next decade, spending for both of these is going to double from what is already being spent. This would bring the spending to $3.2 trillion per year over the next decade. This would severely increase the national debt unless something is done to slow the spending down.
The Congressional Budget Office (CBO) warned that unless cuts in spending were made elsewhere to alleviate the extra spending on these two topics, the national debt would sharply increase after 2023. This may seem like a long time from now, but the effects would be extremely damaging to the economy.
The CBO says that if the government and President Obama can come up with a plan and outline the plan now, it will give businesses time to look over their business models and be prepared for what is to come. This may help to cushion the blow should it hurt the economy. At least people could be prepared for what is to come.
Healthcare spending in 2012 alone was $885 billion, while Social Security and Medicare/Medicaid was $1.6 trillion. The changes in the Medicaid program and the expansion of healthcare reform are expected to reach 38 million people when they are implemented in January of 2014. The cost is expected to be $1.3 trillion over the next ten years.
Medicare is expected to cost $1.1 trillion over the next ten years. They are also predicting that there will be healthier and younger people enrolling in Medicare in the coming years, so the spending may not be as high as it currently is. Although spending for Medicare and Medicaid is expected to jump, the growth of the programs is going to slow over the next decade.
All of this spending and increase in the national debt could affect the economy very negatively, especially for future generations.
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3 Responses to Trouble In The Future: Social Security and Medicare Spending Alarming
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People really do not understand the social security system; well, here it is, straight to the point…
The money collected from payroll for social security is the USA government pot of GOLD…when the social security system was created, it made sure that congress could use the money for any purpose it wanted…
What that means is that when congress set their spending budget, it comes from social security…in other words, when Obama gave one trillion dollars away to coporate criminals, the money came from social security…
When the government increases defense spending or the budget for defense, the funds come from social security…
what this means, is that the government does not have any business or entity that makes money except for US postal service…and the government does not have any way or means to repay the money it so-called borrowed from social security…
Therefore, the government will not stop spending the money on their special pet interest groups, and therefore, the money is diminshing at a very fast pace…
If the government prints more money, then that money has to go into social security, and they do not want to do that because it increases their spending…
This country is corrupt and is based on lies…
PB Short
February 8, 2013 at 3:49 pm
The problem can be corrected, however, no one wants any pain, everyone say’s take the needed money from the rich people.
Think about it, if you already pay 61-65 cent of every dollar already to the government where does it stop? If the government took the same amount from your check what would you do?
These are the same people who create the business that create the jobs! These are the jobs that run the economy of this country, If these people stop producing who is left?? Government employee’s??
The Government gets it’s money from the people who produce and work in the jobs they create
Everyone things the Government owes them something, strangely enough even people who have not put a penny into the system think they should get more out of the system, they even get tax refunds.
Then allowing 20 million under educated illegals to become citizens just so you can get their vote is not going to help things, it actually will mean less for the other poor and under educated who are already here.
The spending and borrowing and promising everything to everyone is about to bite this nation in the backsides because no one want so give up anything!
Onesilverbac
February 8, 2013 at 5:33 pm
Maybe it’s time to consider a reduction in DoD spending?
Media contact: 703-697-5131
FY2012 Request: $553 billion
FY2011 Request: $549.1 billion
FY2010 Enacted: $530.8 billion
The Administration continues to invest in the Nation’s military servicemembers and their families and provides them with the training, equipment, and infrastructure needed to maintain military readiness. The President’s 2012 Budget for the Department of Defense (DOD) reflects that commitment, proposing $553 billion – an increase of $22 billion above the 2010 appropriation.
BARBARABF
February 9, 2013 at 8:58 pm