Let's see if I'm right on Medicare

Thread starter #1

gunnurse

Senior Member
There is a Medicare cut in the new budget. I know what I think and will post it later. Why do you think there are scheduled cuts?
 
Is there actually a cut or is it a reduction in the increase?
 

Balrog

Senior Member
Is there actually a cut or is it a reduction in the increase?
Net reduction to hospitals and other providers of around $237 billion. But don't worry hospitals probably won't go out of business, they will just pass the losses on to you. That is what we want isn't it?
 
Thread starter #4

gunnurse

Senior Member
More recipients from baby boom coming of age to collect Parts A,B, and D. Everyone who cares Trump s ream about Medicare "cut." You are right. It's just another way of fabricating fake news.
 

drhunter1

Senior Member
Hmmm. Sounds like as a country we are forever linked to government paid healthcare. When we try to ween ourselves from it ever so slightly the wailing and gnashing of teeth begins.
 

PopPop

Senior Member
Just a reminder, you have paid Medicare "premiums" all of your working life. It is one of your mandatory payroll deductions. Of course it was stolen.
 
Just a reminder, you have paid Medicare "premiums" all of your working life. It is one of your mandatory payroll deductions. Of course it was stolen.
You have paid a Medicare tax all of your working life. They lie when they tell you it's a "premium". The Supreme Court ruled a long time ago it is a tax and as such you have no expectation of any future benefit. Medicare is bankrupt in the equity sense with a future unfunded liability in excess of $50 Trillion depending on who's numbers you use. Suffice it to say the unfunded liability is an amount that can never be funded. So yes Virginia there are going to be Medicare cuts. It's a matter of when, who and how much.

Of course our resident socialists are going to argue all of these points while ignoring the fact Great Britain's socialized medicine system has now officially "run out of other people's money" and is on the verge of bankruptcy. Ours will soon follow.
 

PopPop

Senior Member
You have paid a Medicare tax all of your working life. They lie when they tell you it's a "premium". The Supreme Court ruled a long time ago it is a tax and as such you have no expectation of any future benefit. Medicare is bankrupt in the equity sense with a future unfunded liability in excess of $50 Trillion depending on who's numbers you use. Suffice it to say the unfunded liability is an amount that can never be funded. So yes Virginia there are going to be Medicare cuts. It's a matter of when, who and how much.

Of course our resident socialists are going to argue all of these points while ignoring the fact Great Britain's socialized medicine system has now officially "run out of other people's money" and is on the verge of bankruptcy. Ours will soon follow.
I will add, when congress decides to rob someone, they are absolutely predictable, middle America. That they do it when we are most vulnerable is in excusable, that they do it to those who paid in and not to those who never paid at all, is in excusable.
Let this be a lesson for all of you Socialist utopian useful idiots.
 
Someone will be left holding the bag in this ponzi scheme but it sure won't be the boomers.
 
Someone will be left holding the bag in this ponzi scheme but it sure won't be the boomers.
I wouldn't bet on that, not to mention it's our generation that has paid the bulk of the Medicare tax.
 
I wouldn't bet on that, not to mention it's our generation that has paid the bulk of the Medicare tax.
The boomer generation will take out far more than they ever paid in. It will be future generations that get the shaft. I already have otherwise conservative boomer family members (who saved nothing for retirement) complaining about how low the social security COLA is. You can explain to them it’s a Ponzi scheme that everyone has known for decades is unsustainable but they still intend to get theirs.
 

PopPop

Senior Member
The boomer generation will take out far more than they ever paid in. It will be future generations that get the shaft. I already have otherwise conservative boomer family members (who saved nothing for retirement) complaining about how low the social security COLA is. You can explain to them it’s a Ponzi scheme that everyone has known for decades is unsustainable but they still intend to get theirs.
I think Bernie can fix it.
 
The boomer generation will take out far more than they ever paid in. It will be future generations that get the shaft. I already have otherwise conservative boomer family members (who saved nothing for retirement) complaining about how low the social security COLA is. You can explain to them it’s a Ponzi scheme that everyone has known for decades is unsustainable but they still intend to get theirs.
None of that matters. When you have paid in a fortune over 50 or 60 odd years that otherwise would have been invested by you to provide that retirement nest egg it's kind of tough to just walk away from it. When you reach that age your perspective will change too.

In my case I'm 66 years old and I will probably never collect a penny of Social Security or receive much in the way of Medicare benefits because:

1. I'm still working because I have a lifestyle I like that I desire to maintain.

2. Social Security and Medicare are not sufficient to maintain that lifestyle.

3. I like what I do and the people who work for me.

4. If I was retired sooner or later I would burn out on hunting and fishing all the time. Then I would be bored and crotchety and nobody would like me including me so I'm going to keep doing what I'm doing well into the foreseeable future.

5. If I were to file for Social Security the entire amount would be taxed based on my earned income and the benefit would likely be reduced because of my income. Paying tax on a refund of a tax you already paid is just plain well, stupid.

6. A legacy was left for me by my progenitors. I intend to leave a legacy for my progeny. I won't be the one to break faith with the generations that came before me.

7. I am a patriot and will not burden my fellow countrymen with my personal problems. I pay my own way or I don't go.

I am not alone. There are millions more just like me.
 

jimbo4116

Retired Moderator
None of that matters. When you have paid in a fortune over 50 or 60 odd years that otherwise would have been invested by you to provide that retirement nest egg it's kind of tough to just walk away from it. When you reach that age your perspective will change too.

In my case I'm 66 years old and I will probably never collect a penny of Social Security or receive much in the way of Medicare benefits because:

1. I'm still working because I have a lifestyle I like that I desire to maintain.

2. Social Security and Medicare are not sufficient to maintain that lifestyle.

3. I like what I do and the people who work for me.

4. If I was retired sooner or later I would burn out on hunting and fishing all the time. Then I would be bored and crotchety and nobody would like me including me so I'm going to keep doing what I'm doing well into the foreseeable future.

5. If I were to file for Social Security the entire amount would be taxed based on my earned income and the benefit would likely be reduced because of my income. Paying tax on a refund of a tax you already paid is just plain well, stupid.

6. A legacy was left for me by my progenitors. I intend to leave a legacy for my progeny. I won't be the one to break faith with the generations that came before me.

7. I am a patriot and will not burden my fellow countrymen with my personal problems. I pay my own way or I don't go.

I am not alone. There are millions more just like me.
At 66 you are already on Medicare and at 67 you can have all the earned income you wish to make. It's out there might as well take it. Put it in a trust for your grandkids. Relieve the strain on them. In a way it is their money anyway.
 
None of that matters. When you have paid in a fortune over 50 or 60 odd years that otherwise would have been invested by you to provide that retirement nest egg it's kind of tough to just walk away from it. When you reach that age your perspective will change too.
I get that. It's a screw job from the start. I'm not saying the rug should be pulled out from boomers and I don't blame those who paid in expecting to get something back. The fact of the matter as we both know is politicians have created unrealistic expectations for all. There is no fixing a ponzi scheme. There is only ending it in a way that perhaps distributes the costs and minimizes the pain. Boomers need to take a haircut on these unsustainable entitlements. So does everyone else coming up behind them. And nobody is going to like it.
 

jimbo4116

Retired Moderator
The boomer generation will take out far more than they ever paid in. It will be future generations that get the shaft. I already have otherwise conservative boomer family members (who saved nothing for retirement) complaining about how low the social security COLA is. You can explain to them it’s a Ponzi scheme that everyone has known for decades is unsustainable but they still intend to get theirs.
The people of every generation takes out more than it pays in. The "greatest generation" probably claims the title based on individual contributions to received benefits. Go back and study the rates of SS taxation.

That said the "millennials" surpassed the Boomers as the largest generation a few years ago. Don't blame the Boomers. All this was put in motion long before they were even born.
 
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