Politicians don’t agree on much these days, but one thing seems to bring even Democrats and Republicans together. And that’s refusing to cut Medicare.
That position may be politically popular. But it’s at odds with the long-term sustainability of the program. Medicare’s hospital insurance trust fund is set to go bankrupt by 2028. The program costs taxpayers $747 billion each year—12% of total government spending.
Fortunately, there’s a way for lawmakers to rein in Medicare spending without cutting benefits. By giving seniors vouchers to spend on privately managed Medicare plans, lawmakers can cut costs while increasing quality of care.