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Former Fidelity Investments Vice Chairman Bob Pozen on the need to reform Medicare and Social Security spending.
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Even -- The Medicare -- -- not move up that is got many more problems than Social Security.
A former Fidelity -- -- -- was on president George W Bush's dimension.
-- social security and border and that seems almost like ancient history now Bob and the problems pale by comparison.
To -- to what they are now.
Yes they've gotten quite a bit worse because we haven't done anything to reform either program.
And now you -- -- this general accounting office study where they're talking about.
The eight billion dollar Medicare.
Surcharge feature is -- is obviously you know a costly.
Danger in the president's plan and a danger to Medicare itself with a pile on continues so what do they do what should they.
Well I think the first thing we ought to do in Medicare is get the accounting right.
We've assumed in all these reports that they're gonna be a lot of cuts of doctors.
Fees for Medicare but every time congress has looked at that.
It's decided to change and and not to allow it.
So we ought to have a realistic assessment.
Of what Medicare really is over the next ten years and that would not be as rosy.
As the report shows.
And that's what I think the chief actuary was saying.
Net realized I don't think it's possible now.
To have a big change in Medicare because both parties have no agreement at all and the Supreme Court.
Is looking at obamacare.
So everything's up in the air by contrast I really think we can do something on Social Security.
-- -- springs eternal -- in the meantime thank you very much.
