Health Care Reform Battle Rages While U.S. Burns

By Greg Hunter   

The Health Care Reform Reconciliation pakage making its way through Congress is shaping up to be an enormous battle.  The amount written and said about this legislation could fill a wing in the library of Congress.  The Republicans think it is “too expensive” and point out every accounting gimmick used to get the cost under a trillion dollars.  The Democrats say, “Passage of health care reform is of paramount importance” and point to a $138 billion deficit reduction over 10 years. The mainstream media is combing through the bill and checking every single fact.  You would think this was the single biggest financial problem facing America today, but it’s not even close.

According to Treasury Auction Watch, the U.S. Treasury issued $569 billion of new debt in February alone.  That makes $138 billion in deficit reduction over 10 years look like money found in your couch cushions.  You hear very little about the massive amount of government debt piling up from either party in Congress.

What about the Christmas Eve action taken by Treasury Secretary Tim Geithner?  He basically usurped Congress and took on the unlimited bailout of failed mortgage giants Fannie Mae and Freddie Mac.  He alone has chosen to bail out bondholders at the expense of the American people.  This single action represents nearly $6.3 trillion in liability to the taxpayer.  Why aren’t the Republicans saying this it “too expensive”?  Why isn’t the GOP exposing every detail of this boondoggle?  Why aren’t the Democrats thinking of this financial black hole as something “of paramount importance”?   

The Federal Reserve is buying $1.25 trillion of mortgage backed securities or toxic assets.  This is basically buying more than a trillion dollars of mistakes and pawning it off on the taxpayer.  The Republicans are complaining about spending a trillion on health care over 10 years?  We just blew through more than a trillion bucks in a year and there’s not a word from the conservative party?

The Democrats say they are big on “deficit reduction.” There has not been a peep from the President about the Fed bailing out the hedge funds and banks in secret to the tune of trillions of dollars.  Why isn’t the leadership of the country trying to get to the bottom of this scandal?  I would personally just like to find out why the Fed gave a $500 billion bailout to foreign banks and which banks got the money?

By the way, Social Security will take in $29 billion less than it needs to pay retirees this year.  I’m betting SS will come up short next year and every year after.  The health care bill will collect new taxes for the next four years without offering any coverage until 2014.  Do you think some of these new tax dollars will be saved in a “lock box” for health care or be used for something else such as a Social Security short fall?

The country is on fire and spewing flames of red ink.  Congress should be in a room somewhere trying to figure out how we are going to pay for Fannie, Freddie, Social Security, two wars, insolvent state governments and trillion dollar secret Fed bailouts.  Instead, health care reform is the big issue.  The mainstream media is more worried about the NCAA March Madness than the insanity of America reaching a record $14.3 trillion deficit at the end of this fiscal year.

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  1. Tom

    Good post, Greg. This is the same stuff that I referred to in a comment a few days back. That rotten triangle between Wall Street, the Federal Reserve, and the federal government is going to destroy this country if it itself is not nuked – and that had better get done soon. The mainstream media are simply holding up their end of the stick. Their assigned (and accepted) task is to keep everybody but the “elites” stupid by feeding the public a steady diet of sports, survival shows and other useless Hollywood crap.

    • Greg

      Thank you for your support.

  2. Elizabeth

    You took the words right out of my mouth Greg. I keep sitting here waiting for our government and the media (main stream) to legitimately recognize how fiscally off course we really are. Health care is an important issue and needs to be addressed, but so is the fact that our country is drowning in debt. And how come we barely hear a peep about this jobs bill they are working on or what jobs will really be created with it? Job creation is one of the best ways to get us out of this rut we are in. It should really be THE #1 priority over all else or at least in the top 2. With jobs comes commerce, with commerce comes tax revenues, with revenues comes an economy that can have life again.
    WHAT WILL WE MAKE HERE IN THE US??!! That should be the top story , in big bold letters on all the main stream news sites.

    • Greg

      Thank you.

  3. Mark Mudgett

    Hello All,

    Ditto to Greg’s, Tom’s, and Elizabeth’s posts.


  4. TED

    Greg this article does a nice job of pointing out how the politicians keep the American public distracted from the real issues. First they chose up sides and pretend that the two sides have these deep philosophical differences (when really they are all in “cahoots”). Next they play a giant game of ping pong with some hot issue that will get the people to take sides. (The old “divide and conquer” routine.) With the people whipped up into a frenzy on one side or the other of the latest “hot potato” issue, the real agenda goes on unnoticed.

    You gave a perfect example in your article. With the public distracted and in a frenzy over health care, Congress made a big deal about working through Christmas. They didn’t actually get anything done on health care over Christmas but they unceremoniously allowed Geithner to put in place the unlimited bailout of Freddie and Fannie without the slightest challenge. It’s almost like it was done in secret except that it happened right under our noses. All they had to do was wield their influence over the media to keep it out of the headlines.

    A lot of people are waking up to this kind of thing but I get discouraged when I see so many people continuing to be fooled by the phony partisan political game. (Pay no attention to the global banksters behind the curtain…)

    • Greg

      It is absoultly astounding how little attention the whole Fannie and Freddie thing received in the main stream media. Either my former colleagues are compliant or complicit. Fannie and Freddie represent nearly $6.3 trillion in liability to the U.S.. That does not count the $1.25 trillion spent buying the mistakes of otheres or new debt that will be packed into these failed mortagage giants. Thank you for your comment.

      • TED

        Thank you for your response. That’s a good point about compliant or complicit. It seems to me that some might be only compliant (simply reading what is handed to them) while others may be both.

  5. Claud

    The people that are pulling the strings on America are dancing us into their next show called, “New World Order!”.

    • Greg

      Good point. I wonder what this “New World” is going to look like?

  6. Neda Losolla

    My nephew just got diagnosed with a brain tumor – our health is so important. Thank you for a such a useful article.

    • Greg

      My prayers are with you and your nephew. Thank you for youe comment.

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