Medicare should be completely abolished. Some people react by saying “Actually, we pay into it with our own money”. Yes, some of the program involves paying into it with your own earnings, but the typical person gets roughly 2.7 times greater benefits than they pay into it. So, the typical person receives much more money than they pay into it, which is why it is in such terrible financial shape and is putting the entire nation into debt. Proponents call it “medical insurance”, but that’s hardly the case; it’s mostly unfunded welfare for all income classes, even the wealthy. Below is a disturbing chart of the net benefits that people get through Medicare over a lifetime. The typical middle class $65,000 earner (not even a poor person) with a stay-at-home spouse receives a whopping $434,000 more than they’ve paid into the program. Even the rich people making $95,000 are receiving much more than they paid. And, the young people and unborn get to pay for this huge unfunded cost with future taxes because of the debt produced. And, the funding problem is projected to only get much worse as the ratio of seniors to young people increases over time.
Chart from Democrats and Republicans – Rhetoric and Reality, by Joseph Fried