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Retirees who are on Medicare will suffer the consequences of 700 billions of Medicare dollars instead being used to cover the skyrocketing cost of Obamacare. In essence, less dollars for seniors means less service. Not fair. The Boomers are going to take the 'hit.' In Obamacare, 'too old' has limitations of service.

Medicare is a promise we made to seniors more than four decades ago. When President Johnson signed Medicare into law, one in three seniors lived in poverty. Half of seniors had no health coverage at all.

Research by James Poterba at the Massachusetts Institute of Technology finds that the wealth of the U.S.'s elderly is highly skewed. About half of retirees have little or no financial wealth when they retire and depend almost entirely on Social Security for their income.

We must ensure that today's seniors' benefits are rock solid and find a solution that fixes Social Security for the next generation that is just entering the workforce.

What we need is to make our senior citizens feel secure once more with their own Social Security and Medicare. But going forward, we need to personalize that program in a way that the government can't go in and raid it any more.

When I was young, many people worked for a company with a pension plan that covered them for as long as they lived. If they didn't have a pension plan, they could count on Social Security and Medicare.