Background: Enacted in 1965, Medicare is a government program that provides health insurance coverage for 57 million persons: almost all retired Americans aged 65 and older, as well as some disabled populations. Largely because of lower than expected revenues resulting from a sluggish wage growth, the Medicare Hospital Insurance (HI) program will become insolvent by 2028. The declining status of the HI trust is, of course, only one marker of Medicare’s growing financial problems. The biggest problem is the rapid rise in Medicare spending.
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