Obama Budget in the Red before Health Care
March 6th 2010 14:35
We have had a fair, self-administered test that tells us all we need to know about whether President Barack Hussein Obama can find and reduce the waste, fraud and abuse in Medicare that he claims. We know all we need to know about how good Obama would be in balancing competing interests, reducing costs and taking on one sixth of the American economy.
For the 2011 budget, Obama ran his own numbers on his own time and made his own cuts and funded his own spending priorities.
Even when Barack Hussein Obama got to use all the funny money and accounting tricks at his disposal, he could not present a balanced budget now, nor project one in the future.
Obama’s 2011 budget already spends $1.2 trillion more than the government will take in. According to the Congressional Budget Office, the national debt it will be over $20 trillion by 2020. The CBO says that Obama underestimated the deficit.
The Obama administration calculates that it’s policies will increase the national debt by $9 trillion in ten years. Critics say that if you take out the fuzzy math and budget tricks, the Obama debt increase will be more like $13 trillion in the next decade.
Obama has already signed into law a bill that raises the national debt ceiling to $14.3 trillion.
Some experts estimate that the US government has amassed over $56 trillion in unfunded liabilities. And this is before the government takes over health care. In order to pay for this your taxes would have to double. You bill comes to over $180,000 and so does everyone elses. This is the money the government owes for pensions, social security, national debt, etc.
Since the government does not even have to use the standards of the Federal Accounting Standards Boards, they can funny up the money any way they like. Another estimate of our indebtedness says we have at least $59 trillion in unfunded liabilities. Well at least the numbers are close.
Either Obama is right and he can truly cut $500 billion of waste, fraud and abuse out of the Medicare budget or Medicare dependent seniors must die when $500 billion is cut from muscle and bone because there really wasn’t that much fat.
No one has identified exactly where this $500 billion of waste fraud and abuse is. Rather President Barack Hussein Obama has given an example or two where money might be wasted and estimated or projected the rest of the savings. What we need to know then is just how good Obama is at projecting things. Do we have an example of where he has made financially based projections? In fact we do. The Obama administration enacted an economic stimulus package. Obama said that the stimulus package would keep unemployment below 8%. Unemployment actually went up to 10%
Fact Check on Stimulus Spending
Obama Wrong
Stimulus made it worse?
Is there any more evidence on the government’s ability to estimate costs. Yes. Cash for Clunkers. Their original estimate was that the program could be completed for $1 billion. After that estimate was quickly shown to be wrong, they three an additional $2 billion at the problem.
Government Track record
Obama has promised to run up trillion dollar deficits as long as he is president. Doesn’t that mean we are already out of money? Is he going to print the trillions of additional dollars and run up inflation or borrow them from China?
Well maybe our current government isn’t good at managing money, or making estimates or projections. Surely government did a bang up job of these tasks in the past:
In 1966 Medicare cost $3 billion. The House Ways and Means committee projected that the cost in 1990 would be $9 billion. The actual cost was $67 billion.
Different researchers have examined different aspect of Medicare costs but all of them peg the growth in to be at least 7 times higher than projected. Remember that the next time someone in government tells you how much Universal health care will cost in 10 years.
The government has over $50 trillion in unfunded liabilities before Universal Health Care comes in. Since we don’t know where all that money is coming from, where will money for health care on top of this come from?
To be entirely fair to government, health care is not the only place they have mismanaged costs, consider the list below. It was the US federal government lack of oversight and mismanagement of the first item in the list that bankrupted almost all the world economies.
1. Fannie Mae and Freddie Mac
2. Amtrak
3. Senate Restaurant
4. Medicare and Medicaid cost containment and control
5. Paying for social security over the next 50 years
6. Presenting a balanced budget every year
7. Reducing the Deficit to zero
8. Reducing the National Debt to zero.
9. The post office
There are no economic reasons to give the government more control over health care given that it has financially botched everything it has touched. Government healthcare is a political move not an economic one.
If Obama is trying to trash the dollar, destroy capitalism, and reduce the United States to a third world nation, he needs to do health care reform. Those who don’t want those things to happen must oppose health care reform.
ObamaCare promises to be more like the Post Office. No matter how much money we pay for postage they still run a deficit and now they plan to ration services by cutting out Saturday mail delivery altogether. We know that ObamaCare will be this way because any honest look at socialized medicine in other countries reveals extreme rationing. Cutting $500 billion off of Medicare as Obama plans is just the beginning. Just as under Euro Socialism, the sick elderly will spend most of the time waiting in line to die.
No Wealth
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President Karl Marx…A Love Story
Creating Wealth
Wishing Well
Constellation of Idiots
Whose fault is it?
Post Consumerism
How to Plunder a Nation
Selling Zero
The Most Corrupt Politicians in Washington
Dictionary of Dreams
It is better to be Drunk than Wasted
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