There are really only 3 areas that move the needle.... defense,
social security, and Medicare.
Defense should absolutely be reduced. We spend more than the next 10 countries combined and we are surrounded by 2 vast oceans and two friendly neighbors that pose no military threat to us.
Social security is a system that is largely self funded. Even accounting for projected changes in demographics, social security is projected to be 80-85% funded indefinitely with future contributions compared to future benefits. We probably need to tweak the benefit to contribution ratios going forward for higher earners and maybe gradually raise the retirement age (or at least reduce the early retirement benefits relative to the benefits at higher ages of drawing benefits)
Medicare is an area that needs reform. The average medicare recipient receives a benefit that is 3x what they paid in... and retirees are the wealthiest demographic on average. In reality, we need to increase medicare co-pays and premiums with means tested assistance fro those who can't afford it. Yeah right, good luck getting anything passed on that front. The bigger, longer term solution is Medicare for all which pulls a couple hundred million into the the pool, is funded by an employer paid payroll tax which supplants the employer cost of health insurance premiums. Medicare for all would coexist with private insurance plans which provide a higher level of reimbursement (and presumably level of care), but no one would go without at least basic insurance.
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In response to this post by Tuckahokie)
Posted: 12/29/2020 at 09:08AM