Medicare, the beloved budget buster
Monday, December 10, 2012 - 13:01
in Mathematics & Economics
The program is the single biggest factor in the deficit over the long run. But there are no easy fixes.While President Obama spars with congressional Republicans over whether to raise taxes, advocates for the elderly have been girding for a fight that promises to be at least as intense: what to do about the rising cost of Medicare, the federal health insurance program for the elderly and disabled. The program is vital to its beneficiaries, but its expenses are growing far faster than federal revenues or the economy. In fact, it is the single biggest factor in the deficit over the long run. And with multiple forces driving up costs, there's no easy way to solve the budget problems it presents.