MediScare Returns | Michael D. Tanner | Cato Institute: Commentary

MediScare Returns | Michael D. Tanner | Cato Institute: Commentary: "the most optimistic estimate puts Medicare's future unfunded liabilities at more than $38.6 trillion. More realistic projections suggest the shortfall could actually top $90 trillion.

To put this in perspective, the total wealth of every American earning more than $1 million totals roughly $11 trillion. So we could confiscate every penny belonging to every millionaire and billionaire in America and still cover less than a third of Medicare's red ink, even using the lowest estimate for its unfunded liabilities. There is no way to fix Medicare's finances just by raising taxes on the rich."

"The Congressional Budget Office recently pointed out that virtually none of the president's proposed Medicare reforms actually saved money in practice."