What does the fiscal cliff look like? Here's one thing that might happen.
Politico reported yesterday that Medicare's hospital fund trustees say the program will run out of money by 2026, three years earlier than previous projections:
The more pessimistic outlook is largely due to reduced revenues from payroll and Social Security taxes and higher payments than expected to hospitals and private Medicare plans last year.
The solvency report is the first since the repeal of Obamacare’s Independent Payment Advisory Board earlier this year as part of a massive spending agreement in Congress. The panel of outside experts was designed to tame excessive Medicare spending growth, but costs never grew fast enough to trigger the controversial board and no members were ever appointed.
Social Security faces depletion in 2034, the program's trustees also said today. That's identical to last year's projection.
We have to get our nation's finances back on track before it's too late. Congress is unwilling or unable to make the tough decisions, which is why We the People need to take matters into our own hands.
An Article V Convention of States, called and controlled by the states, has the power to propose constitutional amendments that would force D.C. to get a handle on the massive national debt and unfunded liabilities.
