This morning, around 7 am pst, Mr. Obama took to the podium to announce the first of several monthly meetings for his newly formed Debt Commission . We all know that nothing of "good news" will come from this commission and we know that because its findings are to be announced a month AFTER the coming elections.
The commission is to explore measures that will bring entitlements under control and raise revenues.
The first of these two assignments is rather laughable. We owe more to the several entitlement funds than the total physical worth of the United States Government. In other words, Social Security, Medicare, Medicaid and soon to be added, Nationalized Healthcare, are owed 92 trillion dollars (SS 38 trillion, Medicare at 37 trillion and 17 trillion) in terms of unfunded liabilities. If we sold off all of the National Parks land and government buildings/properties, the revenue from such a sale would be around 60 trillion dollars. Midknight Review believes that the coming 60 year period will see Nationalized Healthcare add an additional 65 trillion in unfunded liabilities. To suggest that this Debt Commission will solve the entitlement crunch is plainly ridiculous. This cannot happen unless and until these politicians get real about the actual costs of healthcare. Such honesty is probably40 years removed from "now."
Look, the options available to this commission are more than obvious: cut entitlement spending and services under Medicare (Palin was right - there will be death panels resulting in fewer medical services), increase the age to qualify for Social Security to at least 72, reduce the monthly pay-out totals, and, finally, transfer all or most of the cost of Medicaid to the States. The fly in the ointment, here, is the unmanageable debt incurred by the coming disaster we presently call ObamaCare. If our projections are close, ObamaCare will wipe out any and all "savings" that might come out of this Debt Commission report.
All this means that taxation without representation will be the major "cost balance" factor as a result of this commission's recommendations. Perhaps some of you have forgotten, but in the beginning of the Obama Administration, this clown floated the notion of taxing our 401 accounts. Take it to the bank, that will happen, given enough time. There is simply no shame in this bunch when it comes to searching out tax pools. Heck, my wife and I pay taxes on our Social Security. How is that right? Did you know the "tax cuts" Mr. Obama gave to "95% of all Americans" are all taxable income, raising the question, "Were the Obama pay-outs 'tax cuts' or welfare gifts that are actually income?" Here in California, there has been talk of tripling DMV charges and assessing a quarter of a cent tax on mileage traveled by those licensed to drive within this state. We have even come to the point where the government is about to tax the very air we breathe (what do you think all this talk of carbon credits is all about?) .
In announcing the first meeting of his Debt Commission, Obama made several statements that were either misleading or flat out lies.
1. Obama implied that he inherited deficit spending, that the Bush projected debt was 8 trillion dollars. Neither claim is true. The Congress went "Democrat" with the elections of 2006. It was under Democrat Congressional over-site that the recession became the problem it is. Obama was a freshman Senator during this time and voted for all of Bush's spending except the war. Obama did not "inherit" the current mess - rather, he helped create it !! More than this, there is Obama's claim that the Bush 10 year deficit projection carry's an 8 trillion dollar price tag. This fact is very very different, as well. A ten year projection of the Bush deficit is closer to 4 trillion dollars. By contrast, the Obama 10 year projection is currently running at 26.4 trillion. So, who is the big spender and why is anyone still blaming Bush? Understand that the Bush deficits total more than all the Federal spending since the beginnings of this nation. Terrible. Now, think "Obama." What he is isg simply outrageous and should be criminal.
2. He continues to claim that healthcare will save money - 1 trillion over the next 2 decades. Even his own people know better than this. Max Baucus, Senator from Montana, has told us the actual ten year cost will be 2.5 trillion (link) -- no savings, only cost and extended deficits. Think "repeal and replace."
3. He touted his 3 year government "freeze." First, we ask this, "Why just three years?" Then there is the fact that no one believes he has actually cut or even slowed spending at any level. Finally, the "freeze," should it happen, will only effect 14% of the Federal Budget, by Obama decree.
4. Obama bragged about"paygo" during the morning's announcement but failed to mention that with the first two spending bills passed by Congress immediately after "paygo" was approved, ignored the new legislation !! To date, "paygo" has not saved the American taxpayer one thin dime and has been totally ignored by the very Democrats who voted it into existence. Geeese !!
5. Finally, Obama mentioned his "line by line" budget cutting oversight and his claim of a 20 billion dollar savings. First, these "savings" are unverified. In fact, the specifics of these "cuts" has not yet been revealed. Secondly, these "cuts" are a one time only set of circumstances designed at giving him election propaganda for the mid-terms. Thirdly, does anyone know what these "cuts" represents in terms of a percentage of the annual budget? You can figure this out. If the annual deficit is 2 trillion dollars, 10% equals 200 billion. Obama's 20 billion in "cuts" equals just one percent of the Federal Annual Budget and, again, this is a one time cut. Why is he not embarrassed to even bring this matter up !?? -- jds
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