Medicare and Medicaid At 50: One Is Going Bankrupt, the Other Is Bankrupting States

When President Johnson signed Medicare into law on June 30, 1965, he said , "If it has a few defects, I am confident those can be quickly remedied." --Fifty years later, a Government Accountability Office report found that an eye-popping $60 billion — fully 10% of Medicare's budget — was lost to waste, fraud, abuse or improper payments last year. Among the glaring defects, the GAO found 23,400 fake or bad addresses on Medicare's list of providers.

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(Hat tip: KimR)