Government insurance is what’s in trouble today.
Medicare is in the hole by about $40 trillion on a discounted present-value basis over the next 40 or 50 years. And if we’re going to equate government care to government mail, according to Steve Hayes of the Weekly Standard, the U.S. Postal Service is going bankrupt with a $7 billion net loss this year. With 633,000 career employees, the Post Office won’t be able to make $5.4 billion in retiree health-benefit payments. How many of these federal employees will populate the new government-backed insurance plan if it passes?
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