Lincoln Chafee: “As I said, 47 years ago, in 1950, there were 16 workers for every retiree. Today, there are 3 workers for every…”

“As I said, 47 years ago, in 1950, there were 16 workers for every retiree. Today, there are 3 workers for every retiree--not 16, but 3. Twenty-eight years from now, in the year 2025, the ratio will fall to two workers for every retiree. So something has to be done if this Medicare trust fund is going to survive. What we have proposed is increasing the Medicare eligibility age to conform with that of Social Security. In 1983, we raised the age of Social Security eligibility gradually. It comes into full force in the year 2025. By the year 2025, the retirement age will be 67, not the 65 that it is today. We have proposed that the Medicare Program step up in similar fashion. The key thing, Mr. President, is to take these actions now; don't wait until the baby boomers are all there collecting and we can't do anything about it. Now, if we act, we can take these very gradual steps.”