Just today, our next President spoke out against the largest investment swindle in US history. The alleged behavior of Bernard Madoff may have cost investors up to $50 billion.
“In the last few days, the alleged scandal at Madoff Investment Securities has reminded us yet again of how badly reform is needed when it comes to the rules and regulations that govern our markets. … And if the financial crisis has taught us anything, it’s that this failure of oversight and accountability doesn’t just harm the individuals involved, it has the potential to devastate our entire economy. That’s a failure we cannot afford.” — Barack Obama Dec. 18, 2008
What did Madoff do? He lured investors with big returns, and used the “profits” as a means to encourage additional investment by investors, while luring new ones.
The only problem is he was using the new money to pay off the old investments. And when current investors asked to redeem their shares, there was no money left. The whole scheme was a sham.
Which brings us to Medicare.
When you hear about “unfunded liabilities”—insert the phrase “Ponzi scheme.”
How much is Medicare’s unfunded liability?
Adding up Medicare Part A, Part B, and Part D … $85 trillion
Let’s make this even simpler. To meet the obligations “promised” to Medicare current and future recipients — that is how much would need to be in the bank today.
There is zero difference between the promises made by Madoff and those made by elected officials of both parties on Medicare.
Anyone want to consider whether the new administration or the Republican minority will use the same language that President-elect Obama used today to describe the Medicare system?
It is time we add another letter to the alphabet of Medicare: P.
Welcome to the world of Medicare Part-P!
And, for my “single payer” advocate friends, have no fear, because everyone in the USA is already covered.