and America takes another one in the........
rlmorel
Posted on 07/27/2010 2:18:30 PM PDT by roses of sharon
Are you ready for the next massive taxpayer bailout?
Many of the same lawmakers who infuriated taxpayers by bailing out Wall Street, the auto companies, and Fannie Mae and Freddie Mac recently created a new program virtually guaranteed to require bailouts.
And unlike those one-time bailouts, this one will become an annual taxpayer expense.
The Community Living Assistance Services and Supports (CLASS) Act is a new long-term care insurance program. The concept had floated around Washington for years before Congress inserted it into the Obamacare health law — most likely to provide a $70 billion piggybank that could be raided to cover up Obamacare's initial deficits. Yet this ticking entitlement time bomb could cost future taxpayers trillions of dollars.
***
For this reason, the Congressional Budget Office, the chief actuary for the Medicare program, and the American Academy of Actuaries have all acknowledged that CLASS is unsustainable.
In fact, Senate Budget Committee Chairman Kent Conrad, North Dakota Democrat, calls CLASS "a Ponzi scheme of the first order, the kind of thing that Bernie Madoff would have been proud of."
(Excerpt) Read more at washingtontimes.com ...
The CLASS Act: Repeal Now, or Face Permanent Taxpayer Bailout Later
Health economists call this an “adverse-selection death spiral,” and it would likely end in program bankruptcy. The CBO, the Department of Health and Human Services, and even the American Academy of Actuaries all agree that CLASS is unsustainable. Once it goes bankrupt (likely in 15 to 25 years), the subsequent taxpayer bailouts could cost trillions of dollars.
The best way to avoid a bailout would be to repeal CLASS before it begins enrolling participants and collecting premiums, which could be as soon as January 1, 2011.
IS ANYONE IN CONGRESS PAYING ATTENTION??
No...remember Miss Nancy said we had to pass the bill before we could see whats in it.
Well, she was right about one thing...people will/have gotten used to it, and no longer care.
Just look at the lack of participation on this thread..
And where are the Republicans in office? Why aren’t they running like gangbusters on repealing this monstrosity called Obamacare?
Was CLASS part of Obamacare?
Yes.
CLASS is a new long-term-care insurance program that was inserted into Obamacare so that Congress could raid its $70 billion surplus through 2020 to cover Obamacare’s initial deficits. Like the raided Social Security trust fund, future taxpayers will have to repay that $70 billion with interest when the program falls into deficit later.
A good link to the report’s numbers.
The Community Living Assistance Services and Supports (CLASS) Act is a new long-term care insurance program... Congress inserted it into the Obamacare health law... could cost future taxpayers trillions of dollars... the Congressional Budget Office, the chief actuary for the Medicare program, and the American Academy of Actuaries have all acknowledged that CLASS is unsustainable. In fact, Senate Budget Committee Chairman Kent Conrad, North Dakota Democrat, calls CLASS "a Ponzi scheme of the first order, the kind of thing that Bernie Madoff would have been proud of."
and America takes another one in the........rlmorel
The repubies are only upset that they couldn't get away with passing something similar.
Stand up and face the wall. Start screaming, pleading, and stating your case against the legislation. Feel better? The result is the same, only you didn't have to waste 2 minutes reading a form letter thanking you for your concern.
OK, so when I said the same during the healthcare debate, most here said shut up! It will not pass...or Republicans will repeal it! I said no they will not...when this passes we are finished. Again I was told to shut up! You are a downer! You have given up on the fight!
Now I ask...where are all those Rs who Freepers claimed will repeal?
We are always told to relax..wait for the next elections..the newly elected Conservatives will save us.
Well, I say balderdash...the ballot box can no longer save us.
What is left to do but to sack DC?
The last time Social(ist) Security was reformed, the rates were raised enough that today if Congress hadn’t raided the funds, we would have had a $2T surplus.
You can never trust a politician
For the same reason the same FReepers assume that the "bailout of Wall Street" (conservatives should stop using this oommie-propaganda term) was a bailout of fat-cats. It is lost on most Americans, including conservatives, that Wall Street is owned by Main Street --- by hundreds of millions of Americans, especially retirees, widows and orphans.
Most Americans no longer know, or care to learn in detail, how their country works.
I completely agree with you: this no longer works. And we need not look to the future. It was the Republican Governor Pawlenty who (in)famously proclaimed, "The era of small government is over." That is why the most conservative nominee we could last produce was Mac Cain. The sad truth is, most Republicans would not vote for a more conservative candidate.
Similarly to the 1930s Germany, our country has turned left. We now have a choice between two socialist: Social Democrats (R) and neo-communists/fascists (D).
The game is over, but we have to win the revolution when the inevitable collapse happens. No election will fix this. It’s over. We must win at any cost.
Such defeatism in this thread!
Obama is out there now trying to improve his sinking poll numbers. He has lost a lot of liberal supporters! We are starting to WIN the war for the minds.
Now is not the time for defeat and despair and “Whoa-is-us-we’ve-lost-our-country.” We are WINNING.
I agree...we must begin to think seriously about some form of resistance.
I could have typed that a few years ago PastorBrooks!
No more.
And in a few months or years, you will face it too...it is hard and sad, and comes with many tears..but it is true.
Americans are gone, I would guess there are only about 20% of us left, which is why we must do what we can soon, for our numbers will dwindle with each passing year.
Slowly we will become wards of State, SS, Obamacare and government employment out of shear survival.
The good news (if there is any) is that the govt is bankrupt. They simply cannot implement these marxist plans with 14 trillion in debt. No one is going to buy treasury bonds to fund the USSA. Things will collapse, and then a new republic based on that “old and tired Constitution” will emerge. Hopefully.
I would be MUCH more concerned if there was no federal debt. It limits what these freaks from chicago can do.
>> that Wall Street is owned by Main Street
Wall Street is fueled by Main Street, but is not owned by it. They give us the opportunity to give them money through financial instruments that they control, so they can use that capital to make huge gains while keeping our returns small over the long term. The mutual fund was a brilliant move by them to allow us to think we have some skin in the game, without giving us a vote. Creating the 401k/IRA/etc was even more brilliant because it locks our capital in for their use for most of our lifespan.
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