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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: John Vosilla who wrote (116009)10/26/2014 5:21:13 PM
From: Elroy Jetson  Read Replies (2) of 116555
 
John - Do you think terminating Medicare benefits should be the first step in repealing Lyndon Johnson's "Great Society Program"? I recall how many called Johnson's Medicare program god-dammed socialism. Actually, it would be a second or third step, as welfare for working age Americans was largely eliminated by the Clinton administration.

Ending Medicare would certainly make a huge positive change to the Federal Budget.

Of course the bigger elephant in the room is Social Security. Medicare and Social Security will soon make up more than 60% of Federal spending.

This is an issue the Tea Party is hoping to address with their "Cap the Gum-flappers" campaign.

Many Democrats argue that Social Security and Medicare taxes generated an enormous surplus between 1980 and 2008, which should be repaid to these welfare recipients.

Fortunately Ronald Reagan invested the surplus from the Medicare and Social Security taxes in lower income tax rates for the wealthiest Americans - so there's no getting it back and Congress will have to focus on removing welfare for retired Americans in a sweeping change designed to restore our values. In the process many living on Social Security and Medicare will rediscover the benefits of hard work.
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