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US Government will go “bankrupt” if health care bill doesn’t pass

Posted by WARREN MOSLER on December 18th, 2009


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The stupidity of the rhetoric (from both sides) just keeps getting worse:

President Obama: Federal Government ‘Will Go Bankrupt’ if Health Care Costs Are Not Reined In

President Obama told ABC News’ Charles Gibson in an interview that if Congress does not pass health care legislation that will bring down costs, the federal government “will go bankrupt.”

The president laid out a dire scenario of what will happen if his health care reform effort fails.

Gibson Obama“If we don’t pass it, here’s the guarantee….your premiums will go up, your employers are going to load up more costs on you,” he said. “Potentially they’re going to drop your coverage, because they just can’t afford an increase of 25 percent, 30 percent in terms of the costs of providing health care to employees each and every year. “

The president said that the costs of Medicare and Medicaid are on an “unsustainable” trajectory and if there is no action taken to bring them down, “the federal government will go bankrupt.”


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3 Responses to “US Government will go “bankrupt” if health care bill doesn’t pass”

  1. Ted Rorrer Says:

    And if Obama’s healthcare plan is enacted, the American people will go broke trying to pay for it. The government has no business trying to provide healthcare for it’s citizens. Look at the shape medicare and medicaid are in.

    Reply

  2. warren mosler Says:

    seems like you haven’t read through the 7 deadly innocent frauds draft in the left margin of this website yet?

    Reply

  3. Greg Says:

    Actually Ted a single payer system, administered through “private” companies if desired, is the smartest solution to our health care quandary. Allowing a system where PHI companies can vary the amount they pay for health care (after they have received premiums which are assumed to be FOR health care) is criminal.

    Why we would tolerate a system where people pay money to someone for healthcare coverage, get sick and then the “payer” says “no, we wont pay for THAT, you’ll just have to go bankrupt” is maybe the most baffling question in history. How have the HCIs bamboozled so many into thinking this is such a great deal?
    Is medicare perfect? Hell no. Is it possible to have a perfect health care system? Hell no. We must decide our priorities. Having no one go bankrupt because they contracted something beyond their control seems a reasonable place to start. Individuals CAN go bankrupt, currency issuers cannot (in their own currency anyway) so lets let the entity that cant go bankrupt be responsible for funding health care.

    Reply

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