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October 16, 2012 at 07:15 AM
A blogger at The Economist, of all publications, repeats the argument that Medicare enrollees haven’t actually paid for their benefits because the average cost of the covered care they are likely to get exceeds the value of their contributions. Click through to the comments and you will see that the readers quickly reminded the blogger to take the cost of lost interest earnings into account. Another commenter looked at what happens if you express the analysis in terms of gold.
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