The ink has just dried and the cost of the package is already 115 billion more. I wonder how much more it will rise a year from now, 500 billion more. Already the potential savings are starting to look like a myth. Providing health insurance for everyone while most don’t have jobs is simply brilliant; well only a lobotomized individual would think so and Congress seems to be full of such individuals.
The signs for hyperinflation are all over the place; the name of the game now is inflate baby inflate, for this is the only way we can pay for all this crap.
President Barack Obama’s new health care law could potentially add at least $115 billion more to government health care spending over the next 10 years, congressional budget referees said Tuesday. If Congress approves all the additional spending called for in the legislation, it would push the ten-year cost of the overhaul above $1 trillion — an unofficial limit the Obama administration set early on.
The Congressional Budget Office said the added spending includes $10 billion to $20 billion in administrative costs to federal agencies carrying out the law, as well as $34 billion for community health centres and $39 billion for Indian health care. The costs were not reflected in earlier estimates by the budget office, although Republican lawmakers strenuously argued that they should have been. Part of the reason is technical: the additional spending is not mandatory, leaving Congress with discretion to provide the funds in follow-on legislation — or not.
“Congress does not always act on authorizations that are put into legislation by drafters,” explained Kenneth Baer, a spokesman for the White House budget agency. “Authorizations for discretionary spending are not expenditures.” Full Story
Let’s not forget that they are not giving anyone a choice. If you have no health insurance they are going to fine you. The land of the free has just changed; it should be called the land that was free. For now, individuals have one foot out of the door, while the other is shackled to a prison cell. Make sure you have a position in precious metals as this is the best way to hedge against the dangerous effect of inflation. If we move into a hyperinflationary cycle, precious metals could prove to a God sent.
Other articles of Interest
Large insider transactions; a sign all was not well at Moody’s (May 10)
Continuous Strength in the precious metal’s sector; A harbinger of impending trouble (May 4)
Roast the PIIGS, and End the Euro Crisis (April 30)
SWC; a compelling Palladium Investment (April 29)