Where even fools fear to tread
May 29th 2011
I came across a hilarious table today that Think Progress, the liberal web site, gleefully posted on their Yfrog page. ( http://yfrog.com/h7rjekp ) The table was a listing of projections of when Medicare would go insolvent, on an annual basis dating back to 1970, when the Hospital Insurance Trustees solemnly affirmed that Medicare was going to go bust in 1972.
The Hospital Insurance Trustees released this annual report, and in all but three of the subsequent years, declared that Medicare was on the ropes, and would go belly up in the sweet bye-and-bye. The length of time varied enormously. Two years was the lowest, but by 1975 they, with seeming reluctance, concluded that the Trust might last into the late 1990s. The previous two years must have shown sharp improvement, because those were two of the three years they didn’t make any forecast at all.