New Ideas for Old Concepts

I applaud the Blackstone Group’s foundation who intends to establish a Course curriculum in Colleges and Universities focused on fiscal irresponsibility. It is a laudable enterprise, and I wish them well. I do not applaud their attempts to blame Social Security and Medicare for all the ills of fiscal irresponsibility. My estimate of a 2.2% increase in Social Security taxes–1.1% for Worker, 1.1% per business–will see the Fund through until 2100. Doing nothing will leave the programs viable until 2017; if the Federal Government pays its debts–until 2043. No one admits that the initial program has been in operation since 1935, and the later program since 1965. Both witness vastly increasing Costs, but Costs which have been planned for since the Start. They are simply matching long-term Expectations, without any sudden investiture of wild Cost.

One War less could wipe a trillion dollars from the Payment List, actually delaying any Social Security shortfall to 2085, if the funds were added to the Social Security Fund. I don’t know about you People, but I am planning on being Dead by then. One irreverent dude (Me) has estimated that a Social Security shortfall could be delayed until approx. 2150, if Pork Barrel spending was diverted to the Social Security Fund. A Social Security Payment schedule transfer to a Unitary Payment size equal to the Minimum Wage of 40 hours for 52 Weeks per year would not only delay the Social Security shortfall for 200 years, but probably bring a Living Subsistence measure to the Minimum Wage scale. Calls for the destruction of two successful programs of long duration and high popularity is not only Short-Sighted, it is ridiculous!

I will freely admit there is a real Problem with Medicare and Medicaid. I believe in the Concept of Congressional sponsorship of Joint Medical Accounts. The basic principle behind this idea is usage of the Extended Family. There would be automatic deduction from all of the Group at some rate, with deposit of said funds into a special Account, the rate likely to be 7% of one’s Income. All Registered Account-Holders would access such Accounts to pay abnormal Medical bills. Both the rate withdrawal and the initial Medical deductible would be registered with the creation of the Account. The Extended Group could be family, Business Workers, or fraternal organization. The Social Security administration would be entailed with the management of said Accounts, and the additional dispersal of funds from the Accounts on a equitable basis. It is possibly the only Health Accounts system which could work. lgl