- Feb 12, 2007
- 59,384
- 24,018
- 2,290
The former Director of the CBO claims that the current ObamaCare Bill will increase the deficit by $562B in the first 10 years - and this is without the Doc Fix.
From the New York Times:
...Removing the unrealistic annual Medicare savings ($463 billion) and the stolen annual revenues from Social Security and long-term care insurance ($123 billion), and adding in the annual spending that so far is not accounted for ($114 billion) quickly generates additional deficits of $562 billion in the first 10 years. And the nation would be on the hook for two more entitlement programs rapidly expanding as far as the eye can see.
The bottom line is that Congress would spend a lot more; steal funds from education, Social Security and long-term care to cover the gap; and promise that future Congresses will make up for it by taxing more and spending less.
The stakes could not be higher. As documented in another recent budget office analysis, the federal deficit is already expected to exceed at least $700 billion every year over the next decade, doubling the national debt to more than $20 trillion. By 2020, the federal deficit the amount the government must borrow to meet its expenses is projected to be $1.2 trillion, $900 billion of which represents interest on previous debt.
The health care legislation would only increase this crushing debt. It is a clear indication that Congress does not realize the urgency of putting Americas fiscal house in order.
Op-Ed Contributor - The Real Arithmetic of Health Care Reform - NYTimes.com
From the New York Times:
...Removing the unrealistic annual Medicare savings ($463 billion) and the stolen annual revenues from Social Security and long-term care insurance ($123 billion), and adding in the annual spending that so far is not accounted for ($114 billion) quickly generates additional deficits of $562 billion in the first 10 years. And the nation would be on the hook for two more entitlement programs rapidly expanding as far as the eye can see.
The bottom line is that Congress would spend a lot more; steal funds from education, Social Security and long-term care to cover the gap; and promise that future Congresses will make up for it by taxing more and spending less.
The stakes could not be higher. As documented in another recent budget office analysis, the federal deficit is already expected to exceed at least $700 billion every year over the next decade, doubling the national debt to more than $20 trillion. By 2020, the federal deficit the amount the government must borrow to meet its expenses is projected to be $1.2 trillion, $900 billion of which represents interest on previous debt.
The health care legislation would only increase this crushing debt. It is a clear indication that Congress does not realize the urgency of putting Americas fiscal house in order.
Op-Ed Contributor - The Real Arithmetic of Health Care Reform - NYTimes.com
