When unveiling a proposal to reform Medicare alongside Senator Tom Coburn (R-Okla.), Senator Joe Lieberman (I-Conn.) warned that the entitlement program will eventually “go broke” and lead to a “fiscal disaster” for the United States.

By Nicholas Ballasy at CNSNews.com

EXCERPTS:

“Each Medicare enrollee will on the average take almost three times more out in Medicare benefits than they contribute in payroll taxes and premiums,” Lieberman said during a press conference at the Capitol on Tuesday.

“That’s why we say that the status quo of Medicare is unsustainable. And what we mean is that if we do nothing, Medicare will go broke and take our government down with it.”

Even if the Congress doesn’t do anything, it isn’t going to stay the same because we’re not going to be able to borrow the money to afford it and what people don’t realize is there’s a debt wall coming in the world,” said Coburn.

“It’s going to hit next July where the world’s demand for sovereign debt is 13 trillion dollars and the world’s liquidity to fund it is 9 trillion.

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