Days in the life

Strummin' While Rome Burns

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I Would Have Some Rude Words For Mr. Ryan
But I am not big on cursing in the title of my blog.

This is giving the emotional, first reaction to his proposed changes to MediCare.

In a nutshell, I am supposed to pay into MediCare for the entirety of my working career, providing a good benefit to everyone. Then when it gets to be my turn—24 years from now in 2035 to start getting those benefits, I am going to need to come up with more than 2/3s the cost of my benefits for myself? At well over $10,000 a year?

To rub salt in the wounds, there is also a 28% tax cut for corporations and the highest earners from 35% to 25%.

From Brad DeLong: Under the Ryan plan, however, the CBO projects that a 75-year old Medicare patient in 2050 will have to spend $52,000 year-2010 dollars to buy a Medicare-equivalent plan in 2050. Of this, Medicare will reimburse the patient for--a mere $10,000.

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don't worry... if you're currently under 55, you'll never be able to retire, anyway.

This may be truer than you mean. 401ks--which seem to be our generation's primary retirement vehicle--aren't nearly as good at generating returns as defined benefit pensions, which are quickly disappearing.

Felix Salmon talks about it briefly. One of the structural problems is that 401ks, serving one person, have to get more conservative in their allocations over time, while pensions, covering large numbers of folks, can stay more aggressive because of their larger numbers.

For it to be truer than I mean, I would have to have not been speaking literally.

Our generation will work until we drop dead.

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