I've discussed this briefly before but as things get worse for our country, I think it is worth repeating.
Social Security and Medicare are two of the main culprits in our growing debt. They have served us well but now need some rethinking. The current system covers everyone. If there were a sensible way to reduce the number off recipients without hurting anyone, both could continue to function.
When people invest their money in something, they expect something in return. In the case of insurance, we purchase security of some kind while hoping we never have to use it. Unemployment, disability, home, car, health and many others are examples of what I'm talking about.
Social Security and Medicare should be converted to that model. When we start out in life, we don't know how we will end up. Will we be poor enough to need help? Only those who are should be helped just as only those who become ill need health care provided by insurance while those who remain healthy receive peace of mind. If these two programs provided benefits only to those in need, there would be many fewer recipients, the programs would need less money and the premiums (taxes) would be much lower. The security against becoming destitute in old age that this plan would offer is the same as any other insurance.
There are those who would try to defraud the program but that is true with any type of insurance. Vigilant administration would minimize this risk. What do you think?
Social Security and Medicare are two of the main culprits in our growing debt. They have served us well but now need some rethinking. The current system covers everyone. If there were a sensible way to reduce the number off recipients without hurting anyone, both could continue to function.
When people invest their money in something, they expect something in return. In the case of insurance, we purchase security of some kind while hoping we never have to use it. Unemployment, disability, home, car, health and many others are examples of what I'm talking about.
Social Security and Medicare should be converted to that model. When we start out in life, we don't know how we will end up. Will we be poor enough to need help? Only those who are should be helped just as only those who become ill need health care provided by insurance while those who remain healthy receive peace of mind. If these two programs provided benefits only to those in need, there would be many fewer recipients, the programs would need less money and the premiums (taxes) would be much lower. The security against becoming destitute in old age that this plan would offer is the same as any other insurance.
There are those who would try to defraud the program but that is true with any type of insurance. Vigilant administration would minimize this risk. What do you think?
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