We borrow the money to pay the INTEREST on the national debt

Brinker Comment: There has been a lot of talk about the Congressional Budget Office (CBO) projections on the health care legislation. Usually, there is positive talk about the CBO putting forth reasonable projections that are more reliable than what the partisan politicians will say. But Bob said he did some research on the CBO, and back in 1965 on the passage of Medicare under President Johnson, the CBO made a long-term projection that by 2010 the annual cost of Medicare would be $60 billion. How much did it really cost this year? It is not even close! The 2010 cost of Medicare will come in at $480 billion. That is 8 times greater than what the CBO projected. Bob asked rhetorically what kind of cost overruns will come up on this new entitlement program as 32 million people are being brought into healthcare under this proposal. Bob said he is guessing the cost overruns will be massive. If the CBO was off by a factor of 8 for Medicare, how much will they be off here? Bottom line, we are looking at incurring massive government debt over the long term with this legislation. And we don’t need that right now. We are already up around $12 trillion and they are talking about $20 trillion debt in the decade. All of this national debt has to be financed. We must borrow the money to pay the interest.