The Economics of Health Care

Everyone knows about Social Security’s financial problems. At some point in the future, payroll taxes and trust-fund surpluses will be insufficient to cover benefits, so absent other action, benefits will have to be cut (see “Just the Facts,” February 11).

What about Medicare? Is there a similar crisis looming there? Actually, it’s already happened. And the crisis is much, much bigger. Tax receipts for the major Medicare trust...

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