Skip to comments.Obamacare, Others Need Slashing: Simpson-Bowles
Posted on 11/16/2012 7:48:17 AM PST by what's up
CHICAGO - Americans interested in getting the national debt crisis under control likely will have to endure cuts to popular programs like defense, Social Security - and the nationalized health insurance program known as Obamacare.
Speaking in stark terms and folksy language, the duo laid out the dire reality of the situation to 4,000 investors at the Charles Schwab Impact conference Thursday.
"Who the hell is kidding who on what this is going to cost?" Simpson, the former Wyoming senator, said of the Patient Protection and Affordable Care Act, aka "Obamacare." "We haven't found any constituency yet who wants to cut anything back anywhere."
A persistent lack of support from Washington to get a handle on the debt and deficit problem took focus of much of the pair's remarks.
For Simpson, the problem is especially apparent in health care, which they identified as one of five key areas where debt-reduction has to focus. Congress in 2010 passed President Barack Obama's national health care plan that will go into effect fully in 2014.
"This baby is on automatic pilot," he said. "It can't possibly succeed. There is no cost containment in this baby until down the road, and we know what will happen down the road - nothing."
(Excerpt) Read more at finance.yahoo.com ...
"On the tax code, they recommend cutting taxes to promote growth but eliminating many deductions in order to broaden the base of who pays."
Hypocrisy on their part. Simpson-Bowles did not address health care, the major driver of our debt problem. It is the reason Paul Ryan did not sign on to it as a member of the commission.
I got excited for a minute. I thought it said “Obama needs slashing”.
The interesting thing is, that Bronco Bama commissioned the plan, then when it was presented, he just blithely ignored it.
I guess that anything that does not conform to his view of the world is, well, just evil.
And of course, he wants to be known as nice, not evil.
Which is why I find it interesting that they've adopted gutting it now.
Everything else seems to go along with Romney's platform. Even Bowles is on board for tax rate cuts.
Boy, somebody better address health care costs and soon! I just opened a “summary of services” notice from the hospital where I had minor, same day surgery and found that the hospital charged over $400 for 2 Tylenol pills. I was assured, when I called and protested, that I would not be charged, but my insurance would be billed for that amount.
Have we finally gotten to the point that Americans don’t realize that eventually those insurance overcharges are going to have to be paid by the insurance customers? Or, in the case of Medicare or Medicaid, by the taxpayers?
unless they mean go to a flat tax, this is senseless gobbledy gook
Whoever pays more taxes contributes less to a consumer driven economy, period
These “experts” are just proposing rewriting the tax code so the govt still picks winners and losers, just different winners and losers
They are just proposing shifting deck chairs on the Titanic
In a former life, I raised pigs among other things. I never saw one who was willing to stand back from the trough when I poured the swill in and let others have their fair share first. It didn't take me long to figure out that pouring all the swill in at once ended up with more feed being wasted than actually feeding the hogs . . . and the biggest, roughest and most aggressive hogs (i.e. public employee unions) getting most of what wasn't wasted.
He didn't even try to adopt one thing from it.
Amazing how he got away with that. Well, not so amazing when you have a lying press on your side I guess.
Not to worry
They will charge the government healthplan $400 for the tylenol, and the govt will reimburse them $.25
Your deductible will be liable for the other $399.75 unless they decide to waiver it (cross fingers, citizen)
Good article on the issues with Obamacare & why Congress is most likely going to have to ‘revisit’ .... it’s ugly (but then we already knew that).
Healthcare hardball (RedState)
Yes and worse.
While not perfectly flat here is the Czech Republic's Tax Code.
Our Kids and Grandkids are doomed as these Fartknockers re-arrange the Chairs on the Titanic, here it is from memory....
* 15% Flat Income Tax
* 19% Business Income Tax w/ I think 100% writeoff on new equipment year one.
* 15% Capital Gains.
* Retirement and what I think is Dividends, is taxed at a rate of 5%.
Now they also have a legacy tax for their old socialized medicine that maybe engulfed in their VAT of 11% which when you think of it would be a combo SSI and a State Tax like we have in Income Tax States.
We are FUBAR'd w/ Boehner and McConnell not throwing any longballs in this arena....
Agreed, but Caliph Hussein just got re-elected, so I’m not holding my breath waiting for any of it to happen.