In a recent WSJ interview, Richard Fisher, president of the Dallas Federal Reserve Bank, estimated the present value of the unfunded liability of Medicare and Social Security to be in excess of $100 trillion, with actuarial reports showing them both close to insolvency.  Thus our true National debt is more than ten times its reported size and currently there is no method to paying it down. If every earned dollar were paid in taxes, it still would not cover the expenditure. For the country to survive this impending bankruptcy, it has to immediately begin to shift health insurance to the free market and to the individual in order to decrease costs across the spectrum.   Otherwise, the nation is in danger of losing all that it has built.This is not the first instance for the cost of health care insurance to rise to the level of public concern.  Over two decades ago, Milton Friedman identified rising medical costs and the coming deluge of ‘baby boomers’...(Read Full Post)