There's an inconvenient truth underneath the politics of Medicare — its finances are simply unsustainable.
There's an inconvenient truth underneath the politics of Medicare — its finances are simply unsustainable.Medicare is one of the largest line items in the U.S. budget, and as the population ages, it's expected to only get more expensive.Medicare spending is expected to more than double by 2033 — climbing to $1.6 trillion, or over 4% of the entire U.S.
Republicans are against tax increases on principle, and have gotten a lot of political mileage out of attacking them. Democrats are against benefit cuts on principle, and have gotten a lot of political mileage out of attacking them. And although some Republicans are hinting that they might be open to reducing payments to doctors, hospitals, insurers or pharma companies, the party's campaign apparatus is currently hammering the Biden administration for proposals to do exactly that.Without intervention, Medicare's financial problems will come to a head soon enough. And then it'll be everyone's problem.
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