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Joe Albanese referenced in National Review – May 8, 2024

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Joe Albanese
Senior Policy AnalystatParagon Health Institute

Joe Albanese is a Senior Policy Analyst with Paragon Health Institute. He comes to Paragon with over six years of federal and nonprofit public policy experience.

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On May 8, 2024, Paragon’s Joe Albanese had his op-ed “We Can’t Ignore Medicare’s Financial Woes” referenced by National Review‘s editorial team.

From the article:

The Medicare and Social Security trustees’ reports illustrate the same thing they do every year: These programs are not financially sustainable and will require reforms if they are to continue to exist.

The insolvency date for Medicare was extended to 2036, rather than 2031 from last year’s report, leading some to conclude that the program has fundamentally improved. This conclusion is wrongheaded for two reasons.

First, the insolvency date is only for Part A of Medicare, the hospital-insurance trust fund. The bulk of Medicare spending increases in the foreseeable future are in Part B, outpatient physician services. The fact that the slower-growing portion of Medicare will nonetheless be insolvent by 2036 should still be alarming.

Second, Medicare is the second-fastest-growing category of federal expenditures, behind only interest on the debt. And rising Medicare costs mean more borrowing and therefore more interest on the debt. Medicare will continue to crowd out other categories of federal spending. It is already larger than national-security spending. And we can’t grow our way out of the problem, as this would lead to even higher levels of spending.

The full article can be found in National Review.

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