RWBNews: In December 2009, BEFORE the Obamacare vote, Rep. Sessions R-Ala and Sen. Judd Gregg R-NH, held a press conference and explained the colossal manipulation in accounting scores the Dems were using to manipulate their outlandish claims of savings that would be seen by implementing Obamacare.
The seniors have been had and their kids will get the bill, to quote Sen. Judd. To describe the full amount of the Medicare trust-fund savings as both improving the govn’ts ability to pay future Medicare benefits and financing new spending outside of Medicare with the trust-fund monies, would essentially double-count a large share of those savings and overstate the improvement in the govnt’s fiscal position.
If the President of a private company had used this type of accounting to score their budget, they would be going to jail.The Congressional Budget Office, which is a NON-partisan research group that analyzes the cost of bills, made it clear that what the Dems were claiming in their accounting of Obamacare was nothing but fraud. The Dems were aware of this, pushed it aside and continue to this day using fraudulent accounting to manipulate the budget claiming a reduction of debt when in fact they are creating a bigger deficit. The improvements in Medicare finances would not be matched by correspondent improvement in the federal govnt’s overall finances as the Dems tried then and continue to try and portray to this day.
For simplicity sake, what the Dems have done is to say that the Medicare trust-fund will be loaning Obamacare monies. First of all, that is not allowed because of the trust-fund structure of Medicare. The monies in and due the Medicare trust-fund are monies that the tax-payers pay-into the fund and cannot be redistributed.
So, what we have is the govn’t would be taking money that tax-payers have been paying into the Medicare trust-fund and redistributing it to finance Obamacare. This is not allowed because of the structure of the Medicare trust-fund. The US Treasury would have to issue an IOU, which is actually a bond, that would be a debt to Medicare. Then the Dems want to have the monies that were loaned to Obamacare (that they already counted as monies that are creating a savings to Obamacare) to be counted as monies that are going to finance and expand the Medicare trust-fund. That is the devil in the details, aka fraud. This would increase the debt, not decrease it as the Dems continue to try and claim. We would have comp in Medicare cut, TAXES INCREASED for Medicare and THAT would be used to finance Obamacare.
The savings to Obamacare could be received by the govn’t only ONCE. They cannot say the money could NOT be set aside to pay for future Medicare spending and at the same time pay for current spending on other parts of Obamacare or other programs. The accounting ignores the financial burden that will be seen later when paying back the IOU’s, (bonds) that would be held by the Medicare trust fund.
Reported By Gateway Pundit:
Last year Democrats said they were going to cover 30 million more people (Americans and others) with health insurance and they claimed it was going to save money. We knew they were lying then. This week they admitted they were lying.
THE OBAMA ADMINISTRATION & DEMOCRATS COMMITTED FRAUD!
Via FOX Nation:
Democrats told America “We’re just giddy” about saving money with Obamacare before they rammed it home.
It was a lie.
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