Monday, March 15, 2010

The President's Math Versus Mine

I really love it when two stories on the same day butt up against one another. Today they are on Yahoo . Obama seeks to reassure seniors on health care and Social Security to start cashing Uncle Sam's IOUs.

It seems Obama is in Ohio today trying to assure us his bill would make preventive care cost free and close the Medicare prescription gap. He goes on to say his proposal will add nearly a decade of solvency. First of all, nothing the government does is cost free! Forget that idea. Then, a decade of solvency? What? Then we have to go through all of this again? Or is it that he thinks we seniors will all be dead by then. He obviously isn't keeping track of the number of Boomers coming onto the rolls! I know for myself, I expect to be around for at least a decade, hopefully more!

Moving on to the next story, it tells us how this year is the first since the 1980s that Social Security will pay out more than it takes in. $29 billion more! This does not bode well.

Making matters worse is the fact that there are $2.5 trillion worth of IOUs from the government to Social Security. Heck, the national debt is $12 trillion and counting as I write this. We're talking real money here that is supposed to belong to us!

This of, course, creates another problem. If the demand to collect on those IOUs becomes reality there is no money. The government will have to borrow it from foreign investors! Sound familiar? I wonder what retirement communities in China are like.

Robbing Peter to pay Paul is nothing new and both parties are guilty. What angers me is that there is no money! We can't pay for what we are owed what's more foreign governments. Yet this administration is going full tilt to pass more legislation, full of special deals in the billions, that the people don't want.

I may not make it through another decade, but Mr. President, if I do, my voice will not be silenced. Unless you choose to do that too.

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