This year, total federal spending in the U.S. is projected to be $3.6 trillion. The top three budgetary categories are:

  1. Medicare/Medicaid --  $826 billion
  2. Social Security --  $717 billion
  3. Defense/Wars --  $703 billion
Medicare and Medicaid costs alone account for 23% of total federal spending. If the magnitude of these projections does not alarm you, let’s look at it from a revenue perspective. This year, the total U.S.tax revenue is projected to be $2.2 ...

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Living in Washington, DC, I can not help but notice that many interest groups are up in arms about the debt ceiling debate (or more aptly, brinksmanship) going on between the Congress and the President. AARP is running a full-length TV ad that carries a stern warning to politicians: hands off Social Security and Medicare, or else. The energy lobby has a radio ad that direly warns: raising taxes on them would ...

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"Money talks. Mine just says goodbye." A physician client of mine once grumbled to me. He is in good company. Physicians by and large, are horrible wealth accumulators. Thomas Stanley, author of The Millionaire Next Door, found that among all high income groups, physicians have the lowest tendency to accumulate substantial wealth. This finding is not at all surprising to me. My wealth management practice focuses on physicians, so I’ve seen ...

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Medicine is a profession fraught with legal risk. According to an AMA survey for the period 2007-2008, for every 100 doctors, there were 95 lawsuits. The survey also reveals that physicians 55 years and older are eight times more likely to get sued than physicians 40 years and younger. Not that they make eight times more Read more...

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