Senior Finance: We CAN Afford Social Security and Medicare

Oct 28th, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Hey, Senior Citizen Friends, Please read this if you don’t read anything else today: SOCIAL SECURITY AND MEDICARE CANNOT, I REPEAT CANNOT, GO BROKE. THEY ARE FUNDAMENTALLY SOUND AND EITHER WE, THE PEOPLE, CHOOSE TO PAY FOR THEM OR WE DON’T.  Wealth and financial soundness is not just measured in money; it’s also measured in freedom from poverty and bankruptcy, as well as illness and disease.

James K. Galbraith, Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the University of Texas, Austin, wrote an OpEd piece that was printed in several national publications this past week.
The article is well-worth reading in its entirety, and SCJ recommends you go to this link to read it. 

The rhetoric in the final days before mid-term elections is a little misleading.  Some political hopefuls continue to barrage us with misconceptions, distortions and outright lies.  The facts are these:

  • Social Security and Medicare do not have bank accounts separate from other governmentally funded programs;
  • Social Security and Medicare are programs that provide financial stability and health care for people who would otherwise have little money and no health care;
  • Social Security and Medicare are programs that millions of senior citizens depend upon in their daily lives;
  • Medicare, a huge success, is less costly per unit of care provided than private medical care, and is made available at age 65, an age when private insurers would deem the risk of covering your medical care would be too high, and you would be denied private insurance coverage;
  • Social Security prevents poverty, and it also provides money to care for mentally and physically disabled loved ones in your family, people who would otherwise be dependent upon the beneficence (or lack thereof) of their family who may or may not have the resources to care for the disabled family member;

The reality is that some political candidates are using scare-mongering tactics to offer a solution to a non-existent social issue, because they believe we senior citizens are old and vulnerable enough to believe their lies and vote for them.  They are banking on our believing that we cannot afford Social Security and Medicare as they exist today,  and using language that generates our fears to get us to believe them.

Well, Senior Friends, ”…not only can we afford Social Security and Medicare, they’re a bargain, providing modest comfort and decent care to people who would otherwise financially burden their families—or die.”  (OpEdNews.com)



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