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Medicare and Social Security: Already bankrupt?



June 20, 2010 – Comments (5)

Gary North says medicare is already bankrupt and social security will be bankrupt this year.

5 Comments – Post Your Own

#1) On June 20, 2010 at 6:50 AM, dwot (29.24) wrote:

I agree with Gary North's assessment that these programs are ponzi schemes.

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#2) On June 20, 2010 at 8:49 AM, catoismymotor (< 20) wrote:

I agree with you and Mr. North. I'm not planning on SS or Medi-albitross to be in place for when I retire. To do so would be folly.

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#3) On June 20, 2010 at 11:09 AM, dwot (29.24) wrote:

It is a long video, but it is good.

One thing, the baby boomers have lived through the best economic times ever, had the best wages and probably the lowest taxes.  If 40% of them are ill prepared for retirement, what percent of the generation that follows that has much less disposable income, don't have medical plans with their work, face chronic under employment, etc., what chance do they have to prepare for their retirement?

Something that North points out is that medical insurance plans seem highly successful at cutting people off as they age and get expensive and then get picked up by the taxpayer.

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#4) On June 20, 2010 at 11:13 AM, dwot (29.24) wrote:

He is also referring to wage arbitration, as the prophet warned us.

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#5) On June 23, 2010 at 9:55 AM, miteycasey (29.01) wrote:

And this is news?

The end has been in sight for a decade.

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