Posted on 04/02/2010 4:52:25 AM PDT by Mr. Mojo
The US is going bankrupt ANYWAY. I trust Moody’s warning more than Obie’s hyperbole.
Health care costs will bankrupt the country, but Obamacare does nothing to reduce costs. In fact, adding another massive entitlement program, Obamacare, will make things much worse.
Only $2 billion?
Only if it's socialized.....which is what just happened.
We were going to go bankrupt without the stimulus, dealerships would go bankrupt without the bailout, and around we go...
Wow! What a liar he is!
Mr Obama might reconsider that if the government were not attached to healthcare, it would not be liable for its debts. By interjecting more government involvement in healthcare, now government is responsible for such inefficiencies and the buck stops with Obama. This implies if the economy tanks, it’s Obama’s fault and he is to be held accountable.
The government already spends 60% of the health care dollars in this country through Medicare (45 million recipients) and Medicaid (60 million recipients). Medicare represents a $38 trillion unfunded liability.
The Medicare HI trust fund, (Medicare Part A) has already started in 2008 cashing in its IOUs. By law, the USG pays 75% of all Medicare Parts B and D costs from the General Fund. Revenue only covers 25% of the costs. And by 2014, four years from now, 45% of all Medicare costs will come from the general fund.
A SUMMARY OF THE 2009 ANNUAL REPORTS Social Security and Medicare Boards of Trustees
"Medicare's financial status is much worse. As was true in 2008, Medicare's Hospital Insurance (HI) Trust Fund is expected to pay out more in hospital benefits and other expenditures this year than it receives in taxes and other dedicated revenues. The difference will be made up by redeeming trust fund assets. Growing annual deficits are projected to exhaust HI reserves in 2017, after which the percentage of scheduled benefits payable from tax income would decline from 81 percent in 2017 to about 50 percent in 2035 and 30 percent in 2080. In addition, the Medicare Supplementary Medical Insurance (SMI) Trust Fund that pays for physician services and the prescription drug benefit will continue to require general revenue financing and charges on beneficiaries that grow substantially faster than the economy and beneficiary incomes over time."
Bingo. This is a not-so-stealth tax increase. There will never be any healthcare in 2014, 2020, or whatever. Next up, I wouldn't be surprised if Congress takes on "big food" with a promise of free groceries for all. Of course, the actual program won't start until 2030, but they'll start collecting taxes for it right now. (The Fed makes Bernie Madoff look like an amateur).
Yes, well Medicare is certainly staring down the barrel of bankruptcy, but not the entire US economy. You can’t lump the 2 together.
“I’ve heard we were weeks from becoming insolvent, hence the 4 years of taxing, with no benefit.”
hitler did the same thing to the German people, in his case it was with cars. the deal was you could buy a VW bug, but you had to pay for it first before delivery, so people made payments over a period of years and the war prevented them from getting their cars.
Yes, well Medicare is certainly staring down the barrel of bankruptcy, but not the entire US economy. You can’t lump the 2 together.
Of course I can. The entitlement programs make up almost 50% of the federal budget now. By 2030, one in five Americans will be 65 or older or twice what it is now. In 1950 we had 16 workers for every retiree, today it is 3.3, and by 2030 it will be two.
The US is already the world's biggest debtor nation. Our entitlement programs over a 75 year period represent a unfunded liability of approx $60 trillion, which is almost five times our current GDP. All of this without Obamacare. We will be incurring annual budget deficits of a $1 trillion for the next 10 years. The annual debt servicing costs will approach $1 trillion by that time. Couple that with the entitlement programs and you have very little else in the budget. We are already bankrupt.
He doesn’t care at this point. He has become a historical figure in his own mind. The martyr for health care.
Is this actually AP using the word “revulsion”?
Thank you for that history. It’s funny how these things repeat themselves. I believe in light of Moody’s warning of losing our AAA rating, things may be much worse than is currently readily understandable.
Trends forecasters are projecting conflict in the next few months, so your example could be right on par. Thanks again, I’ll have to read up on it.
Wait, I thought that was what the Stimulis was for
so he’s admitting the Stimulis failed?
Obama can joke all he wants about the fact that his signing of the bill didn’t bring on Armageddon... and how that day was like just another sunny spring day.
However, Greece didn’t go bankrupt the very minute that their lawmakers signed the laws that would eventually lead to their demise either!
The UK did not explode when they established their socialized medicine program. It took decades for the damage to become apparent... and now it’s probably too late for them to save themselves.
Obamacare is not like a heart attack. It is a malignant cancer that starts almost silently, mutating cells one by one until it spreads throughout the entire body... once you realize the damage it has done... death (to our economy, our health and our freedom) is imminent.
Oh, the arrogance of Obama and the stupidity of all those who follow him!
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