47 Years Later, Medicare and Medicaid Are a Financial Disaster
29th July 2012
This Monday, July 30, 2012 will mark the 47th anniversary of the enactment of Medicare and Medicaid. On that day in 1965, President Lyndon Johnson journeyed to Independence, Missouri to sign the enabling legislation in the presence of former President Harry Truman. It was the dawn of “The Great Society” and the American nanny state.
Financially, it’s been downhill ever since.
Medicare was designed to provide medical services to those over the age of 65. Medicaid was designed to provide financial assistance to the poorest among us who can’t otherwise afford medical services. From the inception of these programs, fraud, abuse, and mismanagement have dominated their operation.