On the recordSeptember 13, 1995
the President's appointed trustees have warned that Medicare will go bankrupt by 2002. If we do nothing, seniors' out-of-pocket costs will rise and Medicare will be bankrupt in just 7 years. Mr. Speaker, if we raise payroll taxes, as we have done 23 times in 27 years, we will force our children and grandchildren to pay more now for seniors' health care and Medicare will still go bankrupt before our children and grandchildren can retire and gain any benefits. Mr. Speaker, we cannot wait. The problem will not go away. The only solution is to introduce choice for seniors and competition among health care providers. Choice and competition always do two things in our free enterprise system: They lower costs and improve quality. Medicare is far too important to turn it into Medi-scare. Republicans are asking Democrats, please, join us to save and strengthen Medicare.
Source
govinfo.gov




