When economists and policymakers worry about the long-term fiscal crisis, what they’re mostly worried about is Medicare. That’s why a persistent idea during this fiscal cliff season is raising the Medicare eligibility age from 65 to 67.
It’s an idea that appears superficially to have many virtues. Bringing the Medicare retirement age into line with the Social Security retirement age seems logical. The change is simple to describe to journalists and the public. And agreeing to reduce spending by keeping the program the same but limiting eligibility for it allows Democrats and Republicans to come together without resolving their fundamental disagreement over what Medicare should look like. As far as big picture entitlement reform goes, in other words, it’s relatively simple, straightforward, and easy to accomplish.
Unfortunately it’s also a terrible idea that cloaks a staggering giveaway to hospitals, doctors, and other health care providers.
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