This is from AOL, which is owned by Huffington Post (a very liberal organization):
Chances are you see money deducted from every paycheck to fund Medicare. But while the bite may seem big, payroll taxes cover less than 40 percent of program costs. They’ve never paid for more than 68 percent of Medicare costs – that was in 1980 – and their share of Medicare revenue has been declining steadily for 30 years. In 2011 worker contributions brought in 38.1 percent of Medicare funding. The rest came from contributions from general federal revenues and premium payments.
All monies go into a trust fund which Medicare’s own trustees predict will run dry in 2024. Play and share today’s special video on the Medicare money problem, then join the discussion below. Does today’s fact make you think differently about Medicare?
So, what are they saying? Well, Medicare will go broke unless something is changed and that is a fact. And don’t let the statement that we pay only 38% of Medicare funding make you think we are paying about half (68%) of what we used to. We, from our paychecks, if you work, are paying a lot more but because Medicare costs SOOOOOOO much (thank you, Medicare D, etc.) which makes it seems that way. The program is bloated, costly and will sink us all. Sorry to get a little political here but you cannot ignore this, President Obama. Last night in the debate, and before Romney started to talk about Medicare, the President said to those in the audience, “If you’re 54 or 55, you might want to listen.” While it may a third rail ripping on other candidates for broaching the subject, it is not the answer. Heck, I don’t know if they (Romney, Ryan) are right but you just can’t ignore it. Even the Huffington Post agrees with me on that, though I am sure they are somehow making the case that I should be taxed more to pay for Medicare.Tweet