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Economy
Obama "misstates" budget by a measily 1.4 trillion for Obamacare
2011-03-23
Last Friday, the Congressional Budget Office put out a report that showed just how badly the administration underestimated the deficit and the cost of ObamaCare. The CBO's report, strangely unremarked upon by those liberals who defend the CBO's utterances as sacred text, revealed:

Compared with the Administration's estimates, CBO's estimates of the deficit under the President's budget are lower for 2011 (by $220 billion) but higher for each year thereafter (by a total of $2.3 trillion over the 2012--2021 period). That disparity stems from differences in the underlying projections of what would happen under current law ($1.3 trillion) as well as from differing assessments of the effects of the President's proposals ($1.0 trillion).


House Budget Committee Chairman Paul Ryan (R-Wis.) was quick to point out the impact of the CBO's findings in a statement listing some of the salient numbers. The most glaring: The CBO shows that the debt over 10 years will be $1.8 trillion higher than President Obama revealed.
I can't say anything as I'll be sinktrapped for it.
Posted by:DarthVader

#8  swksvolFF (what does that mean, anyway?), I agree, I definitely do not want to see the 60+ crowd get screwed. My mom slaved and paid in for 40+ years, and spent all that time counting on SS/MC the way the government told her she could, so she damn well better get something back.

I don't expect it to be enough, so many of us youngsters get hosed 3 ways:
1 - we pay in, knowing we'll never see it again;
2 - we have to privately save additional amounts for retirement on incomes that are effectively taxed at a much higher rate; and
3 - reduced benefits mean our unprepared parents may well need our help.

So yeah, we gotta do something, and I agree, a staged phase-out might work. I'd like to see SS/MC become optional for anyone under, say, 45-50. Stay in and keep paying (probably with a slightly higher vesting age and/or slightly reduced benefits), or cash out now to invest as you see fit. I wouldn't even demand the full amount paid in. I'd gladly opt out now for half of what I've paid in, preferably inflation-adjusted, in exchange for nothing later, since nothing is what it's gonna be anyway.
Posted by: RandomJD   2011-03-23 22:09  

#7  See also WND > TRUE OBAMA DEBT BIGGER THAN PLANET'S ENTIRE GDP. PRESIDENT'S 2010 BUDGETFIVE TINMES LARGER THAN US PUTPUT | TRUE US DEBT EXCEEDS WORLD GDP BY US$14.0TRILYUHN. OBAMA 2010 BUDGET DEFICIT NOW FIVE TIMES LARGER THAN NATION'S OUTPUT.

Becuz when GOVT, MARKET PERTS argue that US DEBT-TO-GDP RATIO is OFFICIALLT AT 1.10-PLUS:1 + GETTING WORSE, IT ONLY MEANS THE US IS "NEAR/APPROACHING INSOLVENCY", NOT "OVER/
PASSED" THE INSOLVENCY MARK???

* WAFF POSTER = GREECE'S ECON IMPLODED WHEN ITS DEBT-TO-GDP RATIO WAS A MERE 115%.
Posted by: JosephMendiola   2011-03-23 21:32  

#6  I hear that JD; know how it is for the last 10 years to review SS & MC and know for a fact I will see none of that money. ever. again.

Not baggin on y'all who have put in your life (whatever it will be worth with year-from-now prices) but appreciate us young farts...which is why I favor a staged phaseout depending upon age. Or cash-out the whole enchilada right now while money is still good and divvy up according to age, the lump sum paid over the next, what 5 years sound good?
Posted by: swksvolFF   2011-03-23 21:03  

#5  While we flounder Britain moves forward. In the Telegraph today “We want the words ‘Made in Britain,Â’ ‘Created in Britain,Â’ Designed in Britain,Â’ ‘Invented in BritainÂ’ to drive our nation forward". Tax cuts and much more. Merry Christmas Great Britain.
Posted by: Dale   2011-03-23 18:56  

#4  Cheer up, NoMoreBS. Those of us under 40 know to a mathematical certainty that we won't see a dime of what is extorted from us by the giant Ponzi scheme known as Social Security - which is that much less we could sock away to prepare. Those over 60 will probably get at least something. "Something" sounds better than "nothing" to me.
Posted by: RandomJD   2011-03-23 18:12  

#3  He's a democrat, what did you expect, honesty?

No one ever talks about the obvious need to actually investigate aggresssively the fraud committed in these entitlement programs, easily 20+ percent. It s one of the major factors no one ever dares talk about. So people like me who paid into the program all my life will get screwed out of it by people who never put a cent it.
Posted by: NoMoreBS   2011-03-23 17:44  

#2  Karl Denninger: the unfortunate fact is that right now every single penny of tax revenue collected is spent on just five entitlement programs: Social Security, Medicare, Medicaid, Unemployment and Welfare.

This means that even if you cut every other program to zero you cannot balance the budget because you must still pay interest and it is obvious that you cannot cut defense to zero. Slash it, yes, but cut it to zero, no.
Posted by: Anguper Hupomosing9418   2011-03-23 15:42  

#1  This CBO analysis still 'counts' the magic $500B medicare savings that Congress placed in the Obamacare package to game the system.
Posted by: Lord Garth   2011-03-23 15:22  

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