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Numbers closing in on Obama

Medicare & Social Security Deficits Chart

Medicare & Social Security Deficits Chart (Photo credit: Wikipedia)

‘Unemployment in the range of 15% could become the new normal’

Estimated Funding Gaps in Medicare and Social ...

Estimated Funding Gaps in Medicare and Social Security (Photo credit: Wikipedia)

Published: 23 hours ago

PaulRyan

An economist and professor at the Smith School of Business at the University of Maryland is warning that the numbers are closing in on Barack Obama, and he should offer Republicans in Congress a deal now to address the economy.

The commentary by Peter Morici also urged House Republicans to join Obama in compromise for the benefit of the nation.

The issue of the numbers arose this week at the daily White House news briefing with Press Secretary Jay Carney, when Les Kinsolving, WND’s correspondent at the White House, wanted to ask for an explanation.

Carney, however, did not allow Kinsolving to ask the questions.

He had wanted to ask: “USA Today reports that in February of 2009 the president said: ‘If I don’t have this done in three years, there’s going to be a one-term presidency.’ But USA Today did not report what he meant by ‘this.’”

A fact-check article by ABC News raised the same question earlier this year.

The article by Devin Dwyer noted the Obama statement and said, “While there is no doubt the U.S. economy continues to struggle, an examination of the context of Obama’s 2009 comments to NBC’s Matt Lauer suggests his ‘proposition’ might not have been as sweeping as Republicans make it out to be.”

Dwyer explained that Obama was answering questions about the Trouble Asset Relief Program.

“Look, I’m at the start of my administration. One nice thing about the situation I find myself in is that I will be held accountable. You know, I’ve got four years. And, you know, a year from now I think people are going to see that we’re starting to make some progress,” Obama said. “But there’s still going to be some pain out there. If I don’t have this done in three years, then there’s going to be a one-term proposition.”

Dwyer wrote that the underlying conflict in the dispute is “whether the economy has ‘turned around.’”

“There is indeed still plenty of ‘pain out there’ that Obama referred to three years ago.”

The column cited problems with unemployment, foreclosures and the fact that “there’s still a net loss of 1.7 million jobs since Obama first took office, when things were on the slide.”

Kinsolving also had wanted to ask about a statement in a column by Thomas Sowell, who wrote, “A February 2010 meeting in which Congressman Ryan politely but devastatingly schooled Barack Obama on the utter fraudulence of the stats that the Obama administration was using to claim that Obamacare would reduce the deficit.”

Ryan was blunt, pointing out that Obama’s budget counted $500 billion in additional taxes and $500 billion in cuts in Medicare as the $1 trillion that Obamacare was supposed to be costing.

Ryan pointed out that the income, however, was over 10 years, while the spending allowed for by Obama was for six.

“The real cost of 10 years is $2.3 trillion,” he warned.

See Ryan take on Obama and Obamacarehttp://www.youtube.com/watch?v=zPxMZ1WdINs&feature=youtu.be

Below is the transcript of the above video.

“I will not sign a plan that adds one dime to our deficits — either now or in the future.”
(Remarks by President Obama to a Joint Session of Congress, September 9, 2009)

This afternoon Budget Committee Ranking Member Ryan walked through why the bill put forward by Democrats FAILS the President’s deficit test.

The Majority Leader said the bill scores as reducing deficit by $131 billion over the next 10 years.

First a little bit about CBO: I work with them every single day; very good people; great professionals. They do their jobs well. But their job is to score what is placed in front of them. And what has been placed in front of them is a bill that is fill of gimmicks and smoke and mirrors.

Now what do I mean when I say that?

First off, the bill has ten years of tax increases and ten years of Medicare cuts to pay for six years of spending. The true ten year cost when subsidies kick-in? $2.3 trillion.

The bill is full of gimmicks that more than erase the false claim of deficit reduction:

– $52 billion of savings is claimed by counting increased Social Security payroll revenues. These dollars are already claimed for future Social Security beneficiaries, and claiming to offset the cost of this bill either means were double-counting or were not going to pay Social Security benefits.

– $72 billion in savings is claimed from the CLASS Act long-term care insurance. These so-called savings are not offsets, but rather premiums collected to pay for future benefits. Senate Budget Committee Chairman Kent Conrad has called these savings, A ponzi scheme that would make Bernie Madoff proud.

Additionally, the nearly half-trillion dollars in Medicare cuts cannot be counted twice. Medicare is in dire need of reform in order to make certain that we can ensure health security for future seniors.

Using Medicare as a piggy bank, it raids a half trillion dollars from retirees health coverage to fund the creation of another open-ended health care entitlement.

The Presidents chief Medicare actuary says up to 20% of Medicare providers may go bankrupt or stop taking Medicare beneficiaries as a result. Millions of seniors who have chosen Medicare Advantage will lose the coverage they now enjoy.

Objections to the policy aside, you cannot use these savings twice to both extend the life of Medicare and to pay for other spending. The half-trillion dollars in Medicare cuts are either to extend the programs solvency or to reduce the cost of this deficit but not both as its authors claim.

When you strip away the double-counting of Medicare cuts, the so-called savings from Social Security payroll taxes and the CLASS Act, the deficit increases by $460 billion over first ten years and $1.4 trillion over second ten years.

Finally, one of the most expensive and most cynical of the gimmicks applies to Medicare physician payments, the so-called Doc Fix.

By your own estimate, the Doc Fix adds an additional $371 billion to the cost of health care reform. With the price tag beyond what most Americans could handle, the Majority decided to simply remove this costly provision and deal with it in a stand-alone bill.

Ignoring this additional cost does not remove it from the backs of taxpayers. Hiding spending doesnt reduce spending.

August 18, 2012 - Posted by | Here And Now | , , , , , , ,

1 Comment »

  1. I don’t even know how I ended up here, but I thought this post was great. I do not know who you are but certainly you are going to a famous blogger if you aren’t already 😉 Cheers!

    Like

    Comment by beton | August 20, 2012


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