Last week, the Social Security Administration presented its report on Social Security and Medicare in the United States. The annual report painted a similar picture of demise and didn’t show any major improvements or worsening in the entitlement realities over the next 30 years from last year’s report. 2008 is an important year for the Medicare program as its the first year in which the revenues for the program will not cover the expenditures.
The Medicare actuary estimates that Part A expenditures will grow from $200 billion in 2008 to $400 billion in 2016, Part B expenditures will rise from $175 billion last year to $370 billion in 2016 and Part D will grow from $50 billion to $140 billion in 2016. Needless to say, taxes are not being increased or programs being cut to fund the projected amounts for the increases in the next fiscal years.
Considering some of the long term care aspects of senior housing and in home care are major part of Part A and B, let’s hope that Barack Obama, Hillary Clinton, and John McCain will start discussing how to deal with important issues like this versus talking about a crazy pastor.
For more on the Social Security Administration Reports, click here.