By Greg Hunter’s USAWatchdog.com
President Obama’s speech on health care to Congress was high on emotion but short on details. When he was finished, I wasn’t sure the “Public Option” was in or out. I do not know how you can insure an additional 46 million people for free. Obama said he won’t sign a bill that adds,”one dime to the deficit, now or in the future.” On the other hand, the Congressional Budget Office thinks health care will add 239 billion dollars to the deficit in the next 10 years. Michael Tanner of the Cato Institute says,”If the new health care entitlement were subject to the same 75-year actuarial standards as Social Security…” the bill will add an additional 9.2 trillion bucks to the deficit over the next decade. That said, I think the President will get a health care bill through Congress. It will not be the bill the far left or far right wants, but there will ultimately be a bill to sign. Obama needs a victory, and I predict he will get one and it will cost real money!
I’m worried about the real problem in America, unemployment! Yesterday on MSNBC’s ”Morning Joe,” someone said ”…unemployment was Obama’s next big problem.” What!! It was a problem when the President entered office, and with 15 million people out of work, unemployment is a problem right now!!! That comment was made while Time Magazine was rolling out it’s next cover. It’s called “Out of Work in America.” If Obama doesn’t get this fixed by 2012, he will be standing at the end of that long line on the cover.
I cannot for the life of me figure out why the health care issue was pushed ahead of unemployment, which is a symptom of a bad economy. Don’t get me wrong, health care is a big issue but compared to the ongoing financial meltdown, it’s like fighting over band-aids on the deck of the Titanic! The financial situation in the country is not just bad, it’s in cardiac arrest! I know the Fed just came out and said the worst recession in 70 years was over, but that is simply preposterous!
We just paid people $4,500 a pop to trade in their “clunker” and buy a new car because it was the only way to pull the auto industry out of a tailspin. America is in the hole and going deeper by the day. Just this week, the government sold 70 billion of our national debt. That is 70 billion dollars in Treasuries in a single week to help fuel the biggest budget deficit in U.S. history!!! 2009 will produce a record deficit of 1.58 to 1.84 trillion dollars of red ink. That’s nearly 4 times what the Bush administration ran up in 2008. The Treasury Secretary also thinks we will not be coming out of this economic mess anytime soon and he admitted as much in early September at a Congressional Hearing on TARP spending. Foreclosures are up, and it’s forecast by the Treasury Department that “millions more are coming.” Speaking of real estate, those lucky enough to stay in their homes are going to continue to be hit with falling prices. Commercial real estate is in free fall. Banks are failing at a rate of a half dozen a week. The government is printing money to buy it’s own bonds to artificially suppress interest rates, and unemployment is at 21% and rising (using shadowstats.com computations). There is no way the worst is behind us, quite the opposite.
Obama may win the health care battle, but he will lose the war on the economy or, at best, just keep it on life support.