Richard Foster is the chief actuary for Medicare. An actuary is someone who is a whiz bang with numbers and smarter than Einstein or even Paul Ryan. Foster is the man behind the numbers of the recently released Medicare Trustee’s Annual Report. At a conference hosted by the American Enterprise Institute, Mr. Foster explained that his calculations show Medicare (with Obamacare included) will run totally out of funds in 2024 as it is currently structured.
Foster’s actuarial machinations assume the federal government will cut payments to doctors by 30.9% in compliance with mandates already written into the law. But they won’t do that. Without that reduction in government expense the funds will be depleted even sooner. The assumption is unrealistic, but as Foster explains, government actuaries are not given the latitude to do their math on the basis that the government will not enforce the law.
In the name of extending coverage to include everyone, the Democrats created a plan that in 10 years will cover no one. Something will have to change. That’s not an opinion; it’s arithmetic.