The Country is broke. We’re saddling a massive weight of debt onto our kids. The President refuses to admit the obvious that changes to government-run, Commission-led health care payment rules will only lead to rationed care like the British system (which is in the process of being made more market driven as a result of its failure to control costs). Now we find out that, retirement funds aside, those in their 40’s are under-saving for their lifetime healthcare needs. From the Urban Institute and the Kaiser Foundation (article can be found here):
WASHINGTON – A new study indicates that while the Baby Boomer generation isn’t ready for retirement, the next generation of seniors isn’t planning that well, either.
Studies have shown that many Baby Boomers don’t have enough in savings to sustain them at the level of living they expect or to withstand long-term illness or health catastrophes. The picture hasn’t changed much for the next generation – those who are 45 now – according to a study by the Urban Institute and the Kaiser Family Foundation.
That means as cuts to Medicare spending are considered by Congress, lawmakers need to keep an eye on the future.
Paul Ryan’s plan for block grants to the States will allow the States to try innovative new ideas and provide for stronger market incentives to make markets more transparent and drive cost savings while increasing quality. The Urban Institute and Kaiser report is just another wake up call…