Many conservatives believe that increasing means testing for Medicare would be a good solution. Some would even go so far as to eliminate Medicare benefits for very rich people (like Warren Buffett).
But this is not consistent with principles of limited government. I have recently dug up an article I wrote on the issue from 2008. While the figures are out of date, the argument remains the same.
Read it here.
Research and commentary from a former senior executive in the U.S. Department of Health & Human Services
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