But as for me and my house ...
The Congressional Budget Office released a report in November concerning the expenses exacerbating the federal debt and recommendations to reduce future budget deficits. The report contains one eye-popping scheme.
According to the CBO, the largest potential deficit savings available to lawmakers is entitlements! Specifically - ObamaCare.
In the CBO's list of "options to reduce mandatory spending" and cut the deficit, repealing ObamaCare's massive insurance subsidies would cut federal spending by $150 billion in 2020 alone. Repealing the individual mandate would save another $40 billion, the CBO says.
Compare this with the cost savings of proposed changes to the Social Security and Medicare eligibility age from 65 to 67 ($60 billion), reducing Social Security benefits ($30 billion), a Medicare Part D rebate levied against drug manufacturers ($15 billion); and, cutting Social Security disability benefits by 15% ($10 billion). That's a total of $115 billion in 2020; and, while necessary, definitely not near the $190 billion saved by repealing just two pieces of ObamaCare.
The CBO reports that Obamacare will add $1.7 trillion in federal spending over the next 10 years, with annual increases of 6%. Of course, the CBO has repeatedly revised the numbers in ever increasing amounts over the last two years. Consider the fact that the cost projection of every previous federal program has been woefully underestimated. When Medicare began in 1966, costs were 50% greater than expected in its first year; and, two years later, Congress held hearings on the cost issues.
The CBO projects its recommendations would reduce the budget deficit from nearly $1.1 trillion in fiscal year 2012 to about $200 billion in 2022, and debt would decline from 102% in 2011 to 58% of GDP in 2022 if its recommendations are implements. The CBO projections include the significant tax increases and spending decreases, already scheduled to take effect at the beginning of January, 2013; and, its recommendations do nothing to decrease the present debt.
That being said, spending on interest and "entitlement" programs (Social Security, Medicare, Medicaid, ObamaCare, welfare, etc.) constituted 12% of the 2004 economy (not budget), but the cost of entitlements is estimated to encompass approximately 17% of the economy by 2020.
The CBO warns that without significant changes to ObamaCare, Medicare, Social Security, Welfare, and other entitlement programs, future budget deficits will be much larger and federal expenses as a percentage of GDP will be far greater than the last four-decade average, regardless of future economic and population trends they foresee.
The CBO concluded that "per capita spending on healthcare is likely to continue to grow faster" than the economy as a whole; and, that, ObamaCare in its present form will encourage this trend because it will "substantially increase the number of people who receive federal assistance in obtaining health care."
Insurance subsidies included in ObamaCare presently extend to families with incomes up to $90,000 per year; almost 900% greater than the poverty level for a one-person household and more than 400% over the amount for a four-person household. This entitlement is one area of ObamaCare targeted for reduction by the CBO due to its huge cost (see third paragraph above).
Tax increases in addition to those included in ObamaCare will also be forced upon the ever-diminishing number of American taxpayers.
If you ask me, it's all about selfishness. Some Americans today want to be given everything that those who work long and hard enjoy. They don't care about their children or their children's children. That's their problem.
Whatever happened to, "My fellow Americans, ask not what your country can do for you, ask what you can do for your country." (John F. Kennedy)
I am ashamed of this society - not the society of which Michelle Obama was ashamed about five years ago. American society thirty years ago (maybe 20) would have seen the evil within and expelled it. Now, they welcome it.
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