The Boomer's Gift to the Next Generation

I received an e-letter from our Congressman, Rep Schrader (D), wherein he pats himself on the back for being on the north side of the 220-215 vote on healthcare "reform" last Saturday. He crows that it "...makes healthcare coverage more affordable to individuals and businesses as well as constraining costs much more than the original legislation." He seems like a nice man but what has he been smoking?

One of the main ways this bill cuts costs is by "cutting" $500 billion out of the Medicare budget. Does anyone really think that is going to happen? Seriously. When has Congress ever cut the Medicare budget? The Congressional Budget Office estimates the deficit for Medicare and Social Security at $6.5 TRILLION in the 2003-2026 time period and that is before any new healthcare spending. (www.cbo.gov/doc.cfm?index=3982&type=0) Sen. Reid has mentioned a 10-year deficit of $2 trillion over 10 years for this "reform." The cumulative total of existing unfunded liabilities is $59 trillion as of 2007 consisting primarily of Social Security, Medicare and Medicaid, as well as government employee pension liabilities. (See post 8/4/09).

No, this is the usual political game of benefits now and kick the can of financial reckoning down the road for somebody else to worry about in 15-20 years. We are leaving our children and grandchildren a financial disaster and I for one apologize. That Rep. Schrader could be proud of his involvement in this charade takes really amazing chutzpah.