April 6, 1992 – “The new siren is a frank and gloomy assessment that the national trust fund that pays hospital bills for 34 million Americans on Medicare will be broke in 10 years.” The would be George H.W. Bush telling us that Medicare would be broke in 2002.
January 9, 1984 – “Some adjustments are needed to head off bankruptcy in the Medicare system. The trust fund that helps pay doctor and hospital bills for 29 million Americans will run out of money by 1990 if nothing is done” That would be President Reagan saying that Medicare would be broke by 1990.
June 20, 1980 – “Unless Congress acts, the Social Security fund will run out of money to pay retirement and survivors’ benefits by late 1981 or early 1982, the funds government trustees reported Thursday.”
May 6, 1978 – “The social security trust funds that pay benefits to retired and disabled workers will be in good shape for several more decades but the fund that pays hospital insurance under Medicare will go broke by 1990, the trustees told Congress today.” That would be President Jimmy Carter again with a “go broke date of 1990.
August 30, 1960 – “That the [Medicare] bill passed was totally uninformed and almost totally irrational made no difference; the Democratic Presidential candidate can cry that he wanted to do more the old folks and the Republican candidate can say that the Congress might have done less if he hadn’t been so busy…We said that he bill was total uninformed, and it is…Nobody knows what it is right to do about medical aid to the aged because nobody has determined how many need help….Moreover, the political promoters have not had the courage to declare bluntly that everybody at age 65 receive a government health stipend, regardless of need…”
Oct. 8, 1940 – Republican Presidential candidate Wendell Willkie addressed social security – “…I want to say this in connection with social security that unless there is a change in administration those people who are presently paying into social security fund will never get any benefit there from…If it continues down the present path it will eventually bankrupt this country. We are bound to have either bankruptcy or inflation, and I say it very solemnly that those who are paying in on their social security will never get the principal of the social security when they need it in their old age…”
So, in other words Social Security has been going bankrupt for over 70 years! Social Security was on the verge bankrupting the entire country before your father was even born. What is more, 70 years from now, when your children are approaching retirement it will still be going bankrupt.
