ObamaCare. It sounds like a wonderful idea: shouldn’t we all have free health care? Dr. Beller (R), running for IL Rep, satirized this wishful thinking in one long sentence:
“We’re going to be gifted with a healthcare plan we are forced to purchase, and fined if we don’t, which purportedly covers at least ten million more people, without adding a single new doctor, but provides for 16,000 new IRS agents, written by a committee whose chairman says he doesn’t understand it, passed by a congress that didn’t read it, but exempted themselves from it, and signed by a president who smokes, with funding administered by a treasury chief who didn’t pay his taxes, for which we will be taxed for four years before any benefits take effect, by a government which has already bankrupted Social Security and Medicare, all to be overseen by a surgeon general who is obese, and financed by a country that’s broke. So what the blank could possibly go wrong?”
Democrats and Republicans alike have called Social Security and Medicare “Ponzi” schemes: fraudulent investment operations that pay returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the organization running the operation. Social Security and Medicare were started under FDR (D) and LBJ (D). These government-run entitlement programs were passed by Democrat-controlled Congresses with 80% and 73% [I] of the votes being Democratic, and account for 40% of the US Government budget today- twice that of defense. Off 1965 forecasts, Medicare was projected to cost 12B$ in 1990. Instead it cost 110B$. 9X the cost—only a minor accounting glitch—and the gov’t has had 45 years to work out the kinks. 1987 predictions for Medicaid had it costing $1B in 1992. It actually cost $17B. 17X more expensive. [II] 1935 predictions for Social Security had $4B being spent in 1980. In reality it cost $108B. 27X more expensive.
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