Monday, August 31, 2009

Dirty secret No. 4 in Obamacare ~ By Chuck Norris

From WorldNetDaily
Chuck NorrisBy Chuck Norris Posted: August 31, 2009 ~ 1:00 am Eastern © 2009 Flying under the radar last week was a new government report that forecasts that the national debt will double over the next decade. The White House has projected a cumulative $9 trillion deficit between 2010 and 2019, while the Congressional Budget Office estimates a more optimistic $7.1 trillion based upon the expiration of Bush tax cuts. What this means is that Washington's out-of-control spending will likely turn the nation's already-staggering $11 trillion debt into an astronomical $20 trillion. But there are at least two ginormous expenses that are excluded in these projections. First, both projections from the White House and CBO incorporate their belief that the deficit will decline quickly over the next three years, as they assume less bailouts are needed and the economy rapidly grows. But isn't there also the real possibility that the economy will not recover as quickly as they hope? Every additional bailout or stimulus (large or small), and every margin of error in their three-year prospective climb-out of the economic pit, will inflate our nation's debt balloon even more. The second expense is far less speculative – and it has to do with about one-fourth of America. The 72 million baby boomers (people born in America from 1946 to 1964, excluding immigrants), the largest generation America has produced, are going into retirement over the next two decades and will face the golden years of declining health and rising medical costs. Under current law, if the government were to add the projected baby boomer costs of Medicare and Social Security to its debt tab, it would send deficit projections into the abyss. Here's the primary problem: Medicare is bankrupt. Medicaid is bankrupt. And Social Security is bankrupt. Though boomers have paid into these programs via their taxes for decades, there are not enough benefits to offer them, now and even less in the future. The problem is compounded when one understands that the number of people in the United States ages 65 and older is expected to double by 2030, and so is the amount expected to fund their retirement and health care in their twilight years, which relatively few are prepared to handle themselves. So what is the U.S. government to do, especially when it is already projected to have a $20 trillion dollar debt in 2019 (let alone what it will be in 2030)? [CLICK HERE TO CONTINUE READING ENTIRE COLUMN]
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