here in the USA Medicare and Social Security are well-run, low-overhead agencies that undercut private suppliers.
I disagree. Aside from that, there are no private suppliers for Social Security, unless you are referring to defined benefit pension plans. Many, if not most, DB pension plans are currently severely underfunded.
Regarding private suppliers for MediCare, there are plenty of health insurance companies in this country that could be said to be alternatives to MediCare. If MediCare is undercutting those companies, how is it that virtually every big health insurer offers a Medicare risk contract that beneficiaries can select as an alternative to government Medicare? These companies offer these "senior plans" because the plans are profitable for them and because subscribers like them. No undercutting here, either.
