The Medicare program was instituted by Congress
as a health insurance program for the elderly and
disabled. It is paid for by employers and
employees through the Medicare tax on an employee's
income.
The Medicare tax along with Social Security under
FICA, the Federal Insurance Contributions Act, is
based upon income and is withheld from the employee's
income and paid by the employer directly to the
government.
The Medicare program is growing out of control
because of the large number of baby-boomers reaching
retirement age, the increasing cost of healthcare and
the fact that people are living longer. The
program alone is a huge portion of the federal budget
and Congress is unwilling to take the hard steps
necessary to put this program on a sound financial
footing. Medicare taxes alone don't even come
close to funding Medicare which has a shortfall in the
trillions of dollars.
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CNN InternationalVoice of the People: Where Is FairNJ TODAYGOP leaders have largely avoided explaining how they would pay for extending the top tier tax cuts. Republicans voted to cut Medicare benefits and sought to Battle royal over health care repeal if GOP winsThe Associated PressObama And The Lonely CenterNew Republic blogA GOP Contract with America for 2010CNNall 1,052 news articles raquo
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