The status of Medicare and Social Security should not change with the new administration. Do not expect to see any major changes in thinking in the Biden administration. Expect for the changes in Social Security and the increase in cost for Medicare Part B, this blogger does not see any significant changes during 2021. That could change in 2022 but the year has just started so no reason to panic and believe any changes are coming soon.
The concern is for the future of Medicare as well as Social Security. As more of our population are aging into both Medicare and Social Security the drain on our budget will increase significantly. This is a major problem that needs to be solved. Without the public behind this effort, Congress will do nothing. Medicare for all is not a solution but a major problem waiting to happen. We cannot move in that direction regardless of how members of Congress feel about the situation.
My suggestion will not be well received as I think there need to be many changes. To begin with, Congress needs to be part of the solution and begin to contribute their retirement money into Social Security and make them take Medicare as well. That alone will contribute many needed monies to sweeten the pot and have more money to disburse to the American public. It is time for Congress to be part of the solution and not the problem. They have had it good for too long at the expense of the American public.
They need to be part of both Social Security and Medicare or the system will collapse, and bankruptcy will follow. Congress believes they are above the American public and believe they should be rewarded for the alleged contributions. Nothing could be further from the truth. They work for us, not the other way around and we need to keep reminding them of that.
Their monetary contributions to Social Security and Medicare will increase the size of the pool and help defray the costs associated with both programs. Of course, they do not want to do that, but I think a grassroots effort on the part of the public will hopefully make them change and see the errors of their ways. Will this happen? Not too sure but pressure from all groups like AARP and AMAC will make it difficult for Congress to ignore the requests. If we do not do this, our country will sink further into the red and leave our grandkids with significant long-term debt.
To begin with, there needs to be an effort by retirees to make our representatives start thinking along the lines of changing the way they think. It is about the people, not Congress. I suspect this will take a long time to accomplish but if we do not; we will all suffer the consequences. We all can do our part by talking to AARP and AMAC and express our concerns about the future of Social Security and Medicare. This blogger will start the ball rolling locally by expressing my concern to those organizations. We all need to do our part, but it must start somewhere. If all the readers of this blog did the same thing, the goal post will start moving towards our goal.
Talk to your Congress people and to AARP and AMAC to start the process. It will take time but will be worth the effort in the long run.
Len Barend, Broker
The Barend Agency Inc.