How to Fix Our Fiscal Crisis

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What is the single most important thing that can be done to fix the U.S. budget deficit? Harvard economist Jeff Miron says the answer is clear: cut entitlements. Miron explains that as currently structured, the costs of Medicare, Medicaid, and Social Security will continue to grow rapidly, eclipsing all other U.S. spending in the next couple of decades. Miron argues that without making cuts to these programs, there is no hope of getting spending under control.

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[0bs3n3]

This guy speaks in facts. Socialists speak in platitudes. It doesn't matter if you cut everything else first the debt will still be overwhelming (as he explained) lol.

[IllichSketchShow]

can we not start with the wars please and corporate welfare, and then once we've got all the welfare for the rich then maybe look at cutting grannys healthcare

[Gtjg88]

@predalianmac

You're right about cutting defense, but it will not do anything in the long run. If we cut all defense spending tomorrow we would not even cut our deficit in half. The problem is Medicare, Medicaid, and ss. Everything else is just one piece of pie in a bakery

[predalienmack]

It's more practical and less damaging to our population to cut our incredibly inflated defense spending, erase the tax loopholes that corporations and the wealthiest people use to pay less taxes than everyone else, raise the taxes on said wealthy people/businesses, and raise the quality of the food restaurants/stores can provide through regulation, which would help lower the amount of people requiring health care due to decreased amounts of severe medical conditions, which would lower costs. 

[solusdiver]

@Loathomar You are entirely wrong. People get health care in the US...they may go deep into debt and maybe bankruptcy but they don't die. And if they can afford to leave the US to go to south east Asia, then they could afford the medical care. Please don't make stuff up.

[Loathomar]

@solusdiver The WHO rates the US low because so very many people die needlessly do to a lack of medical care, not because of a lack of national health. There is no doubt, that people with millions come to the US of medical care, while the poor in the US die of curable illnesses that could have been cured. And there is no lack of people that leave the US to get health care in south east Asia, so if the are more people leaving the US to get medical help else where, isn't that place better?

[solusdiver]

@Loathomar The WHO always rates the US the lowest because we don't have a national health. But where do people go when they need the latest and greatest medicine? And they need it 'now'? They go to the US because that's where the innovation is and you don't have to get on a waiting list. It's going to cost more but hey it's your life.

[kuhioffxi]

@AliceNchainz011 Medicare drives up prices’ by not paying. Yes, they often pay a predetermined national average (much lower than actual average) or refuse to pay for what they consider not to be covered. The Hospitals and doctors know you can’t fight the government so make that cost up by charging more for co-pay, non-government insurance or non-insured. - The reason why it’s a focal point of the budget is because Medicare trustees expect it to be insolvent (not cover cost) in about 10-15 years

[AliceNchainz011]

@kuhioffxi I'm sorry, i feel like a moron trying to understand this, and i wish i did. How exactly does Medicare drive up costs? Does it set a price ceiling or simply cover most of the cost? If it's the latter, is it really government spending fueling demand and therefore higher prices? Personally, I don't really understand why entitlements are counted as part of the budget at all, like Social Security. If i remember correctly, SS wasn't "on-budget" until the 1960s.

[Watcher3223]

@Loathomar

Thank you. A source is helpful.

[Loathomar]

@Watcher3223 That would be the World Health Organization, that ranked France as 1st and the US as 37th. Though don't just take there word on it, how about the Commonwealth Fund study, while finding the "Common wealth" did worse then all but the US, they still did far better then the US in almost every area.

[Watcher3223]

@jmitterii2

Profit is why, in a market based system, there must be competition from several competitors wanting a piece of it. This competition drives the cost down and raises quality according to supply and demand.

But if you make the business so hard to work in through regulatory largesse that it ends up not being worth it unless you've bribed a politician, then there'll be fewer competitors in the business. With tepid competition, the effects of supply and demand will be weak.