This chart from the health care policy experts at the Paragon Institute shows that Medicare spending is just starting to explode. The lifetime benefits that seniors will receive are expected to soon reach $750,000 per recipient. However, the average payment into the system by these same beneficiaries is about $200,000. The math clearly doesn’t add up.

How to fix it? Our favored approach is to begin to means-test the deductibles so that higher-income seniors gradually pay a larger and larger share of their own healthcare bills. The wealthier seniors can then backstop their medical expenses with private insurance plans. Why is the broke federal government paying Warren Buffett’s medical bills?