Considering all the things the federal government has done, calling the Medicare prescription drug benefit the "most fiscally irresponsible legilation since the 1960s" is really saying something:
He argues that the federal government would need to have $8 trillion today, invested at treasury rates, to cover the gap between what the program is expected to take in and what it is expected to cost in the next 75 years — and that is in addition to more than $20 trillion that will be needed to pay for other parts of Medicare.
"We can't afford to keep the promises we've already made, much less to be piling on top of them," he tells Kroft.
The problem is the baby boomers. The 78 million people born between 1946 and 1964 start becoming eligible for Social Security benefits next year.
Maybe someone can explain the logic of an administration that kept warning us that Social Security was going bust, then took action to gurarantee that Medicare will lead us into bankruptcy even faster.
But as a boomer, I'm happy to do my part to break the country. Keep those pills ready for me, kids.
