Saturday, August 18, 2012

"Why Geezers Are the True Enemy"

From Reason's Hit & Run blog:
While Romney and Obama trade punches over who can best save Medicare and Medicaid, perhaps it's time to reaquaint ourselves with just how insane these programs are. 
Here is the original text from the Jan. 30, 2012 video:
"When you look at government policies, there's a massive transfer of wealth from the young and relatively poor members of society toward the old and relatively rich members of society," says Veronique de Rugy, a Reason magazine columnist and economist at the Mercatus Center at George Mason University.

In 1970, de Rugy notes, transfers from the young to the old took up about 20 percent of the federal budget. In a few years, that figure will break the 50 percent barrier as the population ages and Social Security and Medicare ramp up. Those programs are paid for by payroll taxes that suck up around 15 percent of every dollar most workers will ever make.