Today I’m at the Centennial Conference on Medicare at the LBJ Library in Austin. All the usual suspects are here, and you can watch a live webcast. Here is something for you to ponder and even wager on: How many speeches will we have to listen to before someone says:

• This should be a day for atonement, not celebration, since the Trustees just announced that the unfunded liability in Medicare is $85 trillion and rising. (That’s trillion with a “t”.)

• The only way to control health care costs is for someone to choose between health care and other uses of money.

• We cannot continue elderly entitlements based on chain-letter finance; instead, each generation must save and invest and pay its own way.

Odds are, you won’t hear anything nearly this sensible until yours truly approaches the podium around 4:00 pm.

Yes, I know. They probably won’t invite me back next year.