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Submitted by Bud Conrad of The Casey Report
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Negative interest rate anyone? Sounds like another good 'reconciliation' legislation. Yea ... Go Democrats.
Obamacare just added another $2 trillion in spending over the next 10 years (or should I say 6 years) since the "benefits" don't go into effect until 2014.
This act alone, which probably are not included in the CBO numbers cited above, makes the picture look even worse.
Two trillion? You're optimistic! It'll be double that, easy!
"Healthcare" is just the largest mehanism by which the federal government plans to end up holding all the cards. It's Gambler's Ruin: they keep placing hefty bets that will eventually cause them to go broke...but at a slower rate than everyone else at the table. Once everyone else folds, change the rules. The plan goes something like this:
1. Encourage the states to go bankrupt (beyond what they are already doing to themselves) with mandates and/or assume control of what they can't pay for (Medicaid).
2. Turn health insurers into utilities/GSEs and force them to give X services to Y persons at Z price until they blow up (like FNM & FRE).
3. The federal government then comes to the "rescue" and assumes control of the rest of healthcare and most state sovereignty which remember is in addition to those portions of AIG, GM, TARP financial companies, the housing market et al they already control. A VAT, explicit and severe healthcare rationing and regulation of things you haven't even dreamed of follows.
4. The budget? at this point (stage 4) it might be more adventageous to simply not deliver on or to define away the actual services and entitlements (look...savings!). Debt can always be inflated away or even defaulted on but not handing over the goods is the other way to balance the books. That will be the real kick in the teeth, especially for the true believers.
As Biden said at the bill signing: "This is a big fucking deal."
Merc
You're assuming Dems retain control THIS FALL!
Nope. It's the Repaplicants who will get to run their plays again in the National tag team rape of the nation....
This Healthcare bill created something like 150 new federal agencies overnight. When's the last time a federal agency was closed down? If The Democrats are outlawed and Reagan is cloned and elected in 2012 I'm not sure it will make much of a difference. There are Scott Brown type "victories" and photo-ops yet to come but the size, cost and intrusiveness of government just permanently ratcheted up about 17 notches.
There's a conservative party in Britian too. They're the ones who argue that the VAT should be 17.5% not 18%.
The plan to solve all this is brilliant!!
The US Gov will assume the debt of the whole
GD economy (except consumer of course)..
via the Fed & GSE's and such..
Then when the Gov defaults on the debt..
BK courts will nullify the Debt as the Fed is
liquidated and all "Fed reserve notes" are deemed worthless..
Step in Treasury..with a new, as good as the old, Treasury note as USA's true legal currency..
magic there will be 0 debt on corporate America (GE) and all Banks (TBTF)..and China gets dumped on holding worthless FRNotes, but is happy to buy our new Treasury bonds..
and so it goes
bonuses for all..good times are here again..
gotta love the plan
never happen you say....hmmmmm
Health care, hey where is our Medicare REFUND because many have paid into that PINZI scheme without ever receiving the future benefits and now must pay for this new scheme. Americans deserve a full refund, plus interest, of the money they have given to Medicare yet are too young to start receiving the promised benefits.
I love how even the optimistic government numbers are shockingly high. Wonder what another war would do for these rosy projections. Hell can't wait till we hit 100% debt to world GDP, that will be a great day.
C'maaann dude!! you used CBO data as is? Don't you know? It's ALWAYS CBO figures X5!!!
Meanwhile, the U.S. Dollar stages a clean breakout...
Printing more money will not be a problem the rest of the summer....
And the alternative is what?
If the Federal government lets off the gas for even a moment the system will collapse. You guys just don't get it, you use an equation that is unsustainable then you spend all day trying to fool yourself into thinking there is a way out. Eventually the government will be overwhelmed. The equation that is being used makes it impossible for the system to survive long-term, that is if you think 60-80 years is not long-term.
The equation can't be reasoned with... you either supply it what it needs or it starts to liquidate the non-funded liabilities. That's it... that is the system.
http://worlddarkestdays.blogspot.com/
"Then it comes to be that the soothing light at the end of your tunnel
Was just a freight train coming your way"
Government forecasts showing deficit/debt reduction at some point in the future remind me those pub signs that say "Free beer tomorrrow!"
The future always has a unique way of resisting all efforts to predict it.......however....we know two things about the future: 1. It's always a little different than what's gone on before, and 2. If we see possibile scenarios developing, they could happen at any time. For any number of unforeseen reasons, US sovereign default may happen sooner rather than later.
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