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December 01, 2010 at 07:00 PM
Last month we examined the Social Security questions we ought to ask our clients. Let’s dig deeper.
Many sources, including www.usdebt clock.org, disclose that the unfunded liability for Social Security is $15 trillion. It is becoming clear that action will have to be taken by our government to keep the program viable.
Now, let’s discuss Medicare. Ask your clients these questions:What is the unfunded liability for Medicare? (Answer: $89 trillion.)
- 1. If we can’t fix Social Security, how can we fix Medicare?
- 2. Have you read the Social Security and Medicare Trustees Report? (Show them.)
3. Did you know it states that the hospital portion of Medicare could go bankrupt in seven years?
4. How many of the 78 million baby boomers are already on Medicare?
(Answer: None. It’s a trick question. They don’t start to turn 65 until January 1, 2011.)
5. What will happen when those baby boomers are added to this nearly bankrupt program? Will we let it go bankrupt? (Answer: No, we will raise taxes, lower benefits and print money to provide the promised benefits, which will cause inflation.)
Now, what about the health care reform legislation? Did you know that the health care entitlement legislation is already bigger than Social Security and Medicare combined? Where will we get the money? Again, we will raise taxes, lower benefits and print money to provide the benefits.
