And Should Have Been Covered For You
This story from Axios this morning, no right wing publication. How does it fly with the administration’s words?
There’s an inconvenient truth underneath the politics of Medicare — its finances are simply unsustainable.
Why it matters:
Medicare is one of the largest line items in the U.S. budget, and as the population ages, it’s expected to only get more expensive.
By the numbers:
Medicare spending is expected to more than double by 2033 — climbing to $1.6 trillion, or over 4% of the entire U.S. economy, according to an estimate released yesterday by the Congressional Budget Office. And the program’s trustees have said the fund that pays for Medicare’s hospital coverage will soon reach a dangerous tipping point — paying out more than it takes in.
On that trajectory, it eventually wouldn’t be able to pay for the coverage it’s supposed to provide.
Reality check:
Lawmakers really only have three options to stop that from happening: raise taxes, cut benefits, or cut payments to the health care industry.
The bottom line:
Without intervention, Medicare’s financial problems will come to a head soon enough. And then it’ll be everyone’s problem.
Oh really? Yet, they fool the people with rhetoric to scare them. Is that leadership?
Here’s A Second Story, This Axios
When you read this, ask yourself is that why you should pick a World Bank Leader. Is the economy so great we should worry about the climate first?
President Biden plans to move quickly to replace David Malpass as president of the World Bank Group, seizing on his departure to transform the bank into an institution dedicated to fighting climate change, White House advisers say.
Why it matters:
Malpass’ surprise decision to leave his term early gives the Biden’s administration something it wanted even before the president was inaugurated: A chance for Biden to pick a new World Bank leader.
Team Biden wants a candidate who is committed to expanding the bank’s lending facilities to finance more renewable energy projects in the developing world.
This Story From The Hill
Here’s another story from this AM in the The Hill. As you read, think about the administration saying they cut the deficit and the economy is in great shape.
The U.S. could default on its debt between July and September, the nonpartisan Congressional Budget Office warned on Wednesday, adding new specificity to a partisan impasse that could harm the economy even before summer.
Adding to the battle over budgeting and the statutory debt ceiling, the United States is on track to add $19 trillion in new debt over 10 years, in part because of rising inflation and bipartisan spending bills now in law, according to the CBO.
Federal debt held by the public is projected to rise from 98 percent of gross domestic product this year to 118 percent by 2033 — an average increase of 2 percentage points per year, according to projections.
To many lawmakers and economists, it’s an unsustainable path.
“Over the long term, our projections suggest that changes in fiscal policy must be made to address the rising costs of interest and mitigate other adverse consequences of high and rising debt,” concluded CBO Director Phillip Swagel.
House and Senate Republicans, looking ahead to next year’s elections and worries about economic unknowns, tell voters that now is the time to rein in federal spending. But under political pressure, they’ve vowed not to cut Social Security and Medicare, and some conservatives have backed away from cutting defense spending, which means major drivers of accumulated debt were swept off the negotiating table.
Some Political News
Rep. Barbara Lee of California filed with the Federal Election Commission to run for the Senate seat of retiring Sen. Feinstein. She joins two other Reps. (Katie Porter and Adam Schiff) already running. Buckle up for this one.
A poll in West Virginia said Gov.Justice is the strongest candidate against Sen. Manchin. He’s going to run.
In news you didn’t hear, the Justice Department ended a sex trafficking investigation into Rep. Matt Gaetz without bringing charges. Funny how much you heard when they kicked it off. Now crickets.
I am sure he didn’t mean anything by it, but what if this was a Republican?
President Biden in Maryland gave a shout to the governor, recalling his playing days as a wide receiver in college:
“You got a hell of a new governor in Wes Moore. He’s the real deal and the boy looks like he can still play.”
Harmless? Of course it was, but would everyone get that free pass?