Forbes July 30, 2020
Sally Pipes

Today, Medicare and Medicaid both mark their 55th birthdays. But hold the cake. There’s not much to celebrate on this anniversary.

You’d be hard pressed to find two more wasteful, fraud-ridden programs than Medicare and Medicaid. They grow less fiscally sustainable with each passing year. And they routinely deliver subpar care that, in many cases, does little to support patient health.

Take Medicare, the healthcare entitlement for American seniors. According to the latest report from the program’s trustees, Medicare’s hospital insurance trust fund, Medicare Part A, will be exhausted by 2026.

Medicare’s flawed pay-as-you-go funding arrangement is largely to blame. Using payroll taxes from current workers to cover the healthcare costs of Americans 65 and older might have been workable...