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Obama Warns US Government Will Be Bankrupt… | Carl's Finance & Investing Blog

Obama Warns US Government Will Be Bankrupt…

From FoxNation.com:

President Obama told ABC News’ Charles Gibson in an interview that if Congress does not pass health care legislation that will bring down costs, the federal government “will go bankrupt.”
The president laid out a dire scenario of what will happen if his health care reform effort fails.
“If we don’t pass it, here’s the guarantee….your premiums will go up, your employers are going to load up more costs on you,” he said. “Potentially they’re going to drop your coverage, because they just can’t afford an increase of 25 percent, 30 percent in terms of the costs of providing health care to employees each and every year.“
The president said that the costs of Medicare and Medicaid are on an “unsustainable” trajectory and if there is no action taken to bring them down, “the federal government will go bankrupt.”


Well, didn’t he say in an interview right after he took office that we were broke?

And, what exactly does the bill fix that will bring down costs?  They keep saying that the bill increases competition.  For who?  The bill still does not allow for states to compete against other states!!!  The bill still does not fix the frivolous lawsuits against doctors.

So how does adding 50+ departments of Washington burocrats to the health care system make things more efficient and cheaper?  Name an entitlement program that is revenue neutral.  They are all bankrupt.  Why do we want to add another $1 Trillion dollar entitlement program?  Are we not going broke fast enough?

Hmm. Medicare and Medicaid on an unsustainable trajectory?  So, why hasen’t this been fixed first?  He said the bill would make medicare and medicaid so much more efficient… lets start there first.  Cost savings is what every American is doing in thier own houses.  Lets start there in Washington.  Lets save first, spend later when we can afford it.

I don’t like this scenario at all.

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