a painful truth...that could lessen the long term pain

No doubt it would be hard for a person such as Paris Hilton who is born into riches to have to give up that life for a life of struggle or responsibility. But this is the unfortunate thing that is going to have to take place nationwide to fix our coming financial collapse (as opposed to the financial meltdown we are currently facing). Individuals who are use to nice handouts will soon have to face the fact that those handouts are no longer feasible.

According to the most recent census, "around 80 percent of Americans 65 and older own their own homes compared to 43 percent under 35. Twenty-three million households, or 37 percent of all homeowners, own their homes free and clear, and most of these are seniors aged 65 and older. According to the Federal Reserve Board's 2007 "Survey of Consumer Finances," the median net worth of people 65 and over is $232,000, those under 35 years have a net worth of $12,000 and for those 35-44, it's $87,000." (Economist Walter Williams)

Naturally older people have accumulated more wealth than younger people. This is for good reason-they have had longer to do so. The question is why would our federal government's soon to be largest single expenditure program be a program that subsidizes of this wealthiest group of American's healthcare-Medicare.

Obviously not all senior citizens are rich but if the median net worth is 232,000 then half of senior citizens have at least that much. Currently those people's healthcare (medicare) is subsidized by taxpayers(yes some of it was their own taxes but someone living decades after retirement, receives far more money back than they ever paid into the program). Why not allow that senior citizen to make a deal with a financial institution(bank) to relinquish their home to the bank at the end of her life for a large lump sum of cash up front that will allow that senior citizen to live the rest of his/her/their life off the thousands of dollars he/she/they are worth. At death the bank comes into complete ownership of those belongings that were agreed upon. Anything she does not have to give up in order to get that lump sum of cash, will still be passed on to his/her/their heirs.

Currently heirs to these people greatly benefit. When Senior Citizens die their belongings go to their kids or benificiary. For years, taxpayers pay for much of their retirement(Social Security) and for their healthcare(Medicare). These people may not have the cash on them to pay for their own healthcare. But their accumulated wealth is plenty to pay for these services for the rest of their lives. With the above program our taxes could be lowered, and taxpayers would not subsidize the wealthiest amongst us. Some citizens would still need assistance. I would support a state by state approach to handle this. But for most Senior Citizens, they would have plenty enough to pay for these services.

Instead a tax payer supported program that is going broke and bankrupting our nation is used with no serious change in sight. Why? Probably because only 50% or less of young people vote while 70% of seniors vote. Since this distruction will not take place until these seniors and politicians are dead, why committ political suicide and consider fixing a serious destructive program with a system like the simple description above?