I wrote this a few days ago but hoped I wouldn't post it if the government takeover failed.
If the health care bill is passed, our economy may be headed for the tanker on the fast track. The bill creates all kinds of new taxes. This will cause large companies to leave the US and small companies to fold. There will be even more unemployment. The deficit will increase. The health bill will not reduce the deficit, the CBO figures are a farce. They are cutting medicare by half a trillion $ (that is 500 billion $) supposedly to stop the shortfall in medicare funding but they are also "borrowing" that money to pay for the health care bill. This is double counting the $. If you use it for the health care bill, then it will not cover the shortfall in medicare funding. If you use it for medicare, then it is not available to pay for the health care bill which supposedly will cover 30 million more people but there is already a doctor shortage. It is estimated up to a third of the doctors will leave the profession if this bill is passed so good luck finding a doctor. Obama has created government jobs which increases the burden on the taxpayers to fund those jobs. Obama's actions have not spurred the creation of private sector jobs. The Fed has been holding interest rates at 1 %. When interest rates rise, the deficit will explode. US bonds are already about to be downgraded. We need to prepare for a depression the likes of which we have never seen.
Monday, March 22, 2010
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