Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Medicare

Latest CBO Report “Grim”; Offers No Solutions to National Debt

This article appeared online at TheNewAmerican.com on Friday, July 15, 2016:  

Ida May Fuller, the first recipient

Ida May Fuller, holding the first check from the Social Security Administration

On Tuesday, the Congressional Budget Office (CBO) published its annual report on the country’s long-term budgetary and financial outlook. One need only to see the chart on Page One of the report to see why CBO’s Justin Bogle said the outlook was “grim”: It shows government spending growing so much more quickly than anticipated revenues that annual deficits will likely triple in the next 30 years, if not sooner. Bogle called this scenario unsustainable.

For the first time, the CBO built into its assumptions the projected impact of ObamaCare, the country’s declining birth rate, the explosion of Baby Boomers demanding benefits from Social Security and Medicare over that period, plus Boomers’ increasing life expectancies and the increasing costs of providing them healthcare along the way.

It also assumed that government debt will

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About That New, Dreadfully Misnamed Puerto Rico Bailout law

This article was published by The McAlvany Intelligence Advisor on Friday, July 1, 2016:  

English: Map of Peuto Rico, with inset showing...

Investors saw the market values of their Puerto Rican bonds soar with news that Congress passed the “Puerto Rico Oversight, Management and Economic Stability Act” (PROMESA). They had a right to be happy: prior to the news their long bonds were trading at about 62 cents on the dollar. Afterwards they jumped to 66 cents. Still a paper loss of a third of their initial investment, but better than anticipated.

What’s anticipated is that the new oversight board, populated with politicians (but none from Puerto Rico), will solve all of the island’s problems,

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Puerto Rico Bailout Deceptively Called “Restructuring”

This article appeared online at TheNewAmerican.com on Friday, May 20, 2016:  

Corcho Beach in Vieques island, Puerto Rico.

Corcho Beach in Vieques island, Puerto Rico.

Hidden behind the tentative agreement announced by House Speaker Paul Ryan on Thursday that would allow Puerto Rico some breathing room over its massive $73-billion national debt are the bailouts that are already in place.

The agreement is based on the bill by Rep. Rob Bishop (R-Utah) that creates another government bureaucracy to oversee the orderly “restructuring” (read: massive haircut for PR’s bondholders). When he presented his bill, Bishop said it would “give Puerto Rico access to a court-enforced debt restructuring in exchange for the imposition of a federal fiscal oversight board.”

Ryan said the agreement would allow the island territory to

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Opposition Gearing Up to Colo. Single-payer Healthcare Proposal

This article appeared online at TheNewAmerican.com on Friday, April 15, 2016: 

Mark Twain is alleged to have said that “a lie can travel halfway around the world before truth can get its boots on.” In Colorado Initiative 20 is already on the ballot in November and opposition to it is just getting its boots on.

If passed, it would be the 69th amendment to Colorado’s state constitution and would collect all the state’s healthcare programs — Medicaid, children’s healthcare, and all the other state and federal healthcare programs — under one roof. It would replace ObamaCare with what supporters are calling ColoradoCare. And it would double the state’s budget in its first year.

The language of the ballot initiative question may be enough to kill it:

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Fourth Republican Debate: Feisty, Hilarious, Little Change in Polls

This article appeared online at TheNewAmerican.com on Wednesday, November 11, 2015:  

A more orderly and respectful atmosphere surrounded the fourth Republican debate on Tuesday night, a sharp contrast to last month’s debate where the moderators became the issue. That didn’t mean there were no fireworks, or disagreements, just that the tone was more serious, as the candidates tried to shore up their positions and their poll numbers as they approached the final debate in December.

The topics included questions on

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Social Security’s Chief Actuary Meets Charles Ponzi

This article was published by the McAlvany Intelligence Advisor on Monday, October 19, 2015:  

English: Mug shot of Charles Ponzi (March 3, 1...

Mug shot of Charles Ponzi

In its apologetic over Social Security, the New York Times saw the most significant problem facing the scheme, according to the program’s chief actuary, Stephen Goss, is “that fewer workers are paying taxes into the program … while more retirees are collecting their checks.”

And thus it has always been: every Ponzi scheme fails when “new” investors cannot be recruited into it in sufficient numbers to pay off the “older” ones. The only reason Social Security has survived for so long – it just turned 80 this year – is because of guns and badges and threats.

Charles Ponzi had no such power. He had to rely on ignorance and greed. His scheme ran for more than a year before the fraud was discovered and he was jailed. His shtick?

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Social Security Defaults Again on Its Promises: No COLA for 2016

This article appeared online at TheNewAmerican.com on Monday, October 19, 2015:  

Social Security Poster: old man

On Thursday the Social Security Administration announced that for the third time in six years there will be no COLA (Cost Of Living Adjustment) to beneficiaries’ checks next year. There was no COLA in 2010 or 2011, thanks to the government index used to determine whether an “adjustment” (increase) was justified, to offset inflation. This year’s culprit was the price of gasoline, which fell 23 percent, wiping out any chance for an increase in the checks going to more than 60 million recipients.

Heroic and often invisible measures have been undertaken in recent years to cover up the program’s insolvency:

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Public Pension Plans Cut Rate of Return Targets; Still Not Enough

This article appeared online at TheNewAmerican.com on Monday, September 7, 2015:  

Twenty million pension plan beneficiaries have just been warned: You won’t be getting what you have been promised when you retire. Part of the reason is that pension managers have been far too optimistic in estimating what they are able to earn on your money. And part of the reason is that they continue to remain so.

In its analysis of 126 public pension plans, the National Association of State Retirement Administrators (NASRA) noted that more than two-thirds of them have reduced their estimates, however slightly, since 2008, while 39 of them are still stuck

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Social Security Disability Trust Fund Could Be Depleted by Late 2016

This article appeared online at TheNewAmerican.com on Thursday, July 23, 2015:  

Every year the language of the trustees of the Social Security system becomes more strident, and every year the managers of the program kick the can further down the road. In its report issued on Wednesday, the Social Security and Medicare Board of Trustees stated that “Social Security’s Disability Insurance (DI) Trust Fund now faces an urgent threat of reserve depletion, requiring prompt corrective action by lawmakers if sudden reductions or interruptions in benefit payments are to be avoided.” The report noted:

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Social Security Disability: Reaching the End of the road?

This article was published by The McAlvany Intelligence Advisor on Friday, July 24, 2015:  

Social Security Poster: old man

Buried in the annual exclamations of urgency by the trustees of the Social Security system issued on Wednesday was this warning: action by Congress will “give the public adequate time to prepare.” In the short run, some 11 million on Social Security Disability will learn that their benefit checks will drop by $200 a month starting next fall, so they need to get used to that. In the long run everyone receiving anything from the celebrated Ponzi scheme will see their checks go to zero:

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U.S. Financial Outlook has “Worsened Dramatically”

This article first appeared online at TheNewAmerican.com on Wednesday, June 17, 2015: 

English:

This graph is outdated but revealing

 

In its just-released report “The 2015 Long-Term Budget Outlook,” the Congressional Budget Office stated bluntly:

The long-term outlook for the federal budget has worsened dramatically over the past several years, in the wake of the 2007-2009 recession and slow recovery…. If current law remained generally unchanged in the future … growing budget deficits … would push [the national] debt above its current high level.

It’s all about government spending that’s baked into the cake:

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Senator Menendez’ Co-conspirator Charged With Medicare Fraud

This article first appeared online at TheNewAmerican.com on Wednesday, April 15, 2015: 

Less than two weeks after being indicted on bribery charges along with his friend, New Jersey Senator Bob Menendez, North Palm Beach ophthalmologist Salomon Melgen (shown on right) was charged on Tuesday with 46 counts of healthcare fraud, 19 counts of filing false claims to Medicare, and 11 counts of making false statements to investigators.

A conviction would seriously impact his practice, which, until now, put him at the very top of all doctors in the country receiving reimbursements from Medicare. Each of the healthcare fraud charges could bring

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Boston University Economist Calls Out Congress on Enormous Fiscal Gap

This article first appeared online at TheNewAmerican.com on Thursday, March 12, 2015:

Logo of the United States Government Accountab...

Logo of the United States Government Accountability Office

During his annual trek to Washington, D.C., to lecture Congress on its spendthrift habits, Boston University economist Laurence Kotlikoff took the gloves off this year. He dressed down Senator Mike Enzi, chairman of the Senate Budget Committee, along with the committee’s members:

Let me get right to the point. Our country is broke. It’s not broke in 75 years or 50 years or 25 years or 10 years.

 

It’s broke today.

 

Indeed, it may well be in worse fiscal shape than any development country, including Greece.

It isn’t just Enzi, or his committee, or the present Congress, that’s responsible for a fiscal gap that’s vastly larger than that projected by the Congressional Budget Office (CBO). It’s the idea that the country can borrow without limit because

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U.S. Government’s Interest Costs to Quadruple in 10 Years

This article first appeared online at TheNewAmerican.com on Thursday, February 5, 2015: 

On Tuesday, the Wall Street Journal reported that the federal government will be paying $800 billion annually just to service the interest on its massive debt by 2025, up from just over $200 billion currently. By 2021, those interest costs will equal what the government is projected to be spending on national defense, and on non-defense (so-called “discretionary” items), and will greatly exceed those two budget items just by 2025. The Journal also noted that “non-discretionary” items (so-called “mandatory” expenditures) will continue their inexorable march upward, from $2 trillion currently to more than $4 trillion by 2025.

Surprisingly, few eyebrows were raised over the announcement,

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Latest CBO Report shows Deficits Approaching $1 Trillion

This article first appeared at The McAlvany Intelligence Advisor on Wednesday, February 4, 2015: 

English:

When the Congressional Budget Office issued its Budget and Economic Outlook 2015 to 2025 in January, few could be bothered to do a serious review of it as it seemed to contradict the present meme of the Goldilocks economy: job growth accelerating, interest rates low, consumer confidence improving, deficits shrinking, and so forth. Even those taking the time to look at it, scoffed at its conclusions. Said the CBO:

The federal budget deficit, which has fallen sharply during the past few years, is projected to hold steady relative to the size of the economy through 2018.

Beyond that point, however, the gap between spending and revenues is expected to grow, further increasing federal debt … which is already historically high.

The CBO explained why:

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New Illinois Governor Facing Torrent of Red Ink

This article first appeared online at TheNewAmerican.com on Monday, January 12, 2015:

 

Previous Illinois administrations and politicians have been kicking the can down the road for decades. Now, the state has run out of road. Bruce Rauner, Illinois’ new Republican governor, was inaugurated on Monday and is facing a daunting task: a $4 billion backlog of unpaid bills and a budget showing deficits approaching $21 billion in three years unless something is done.

During his campaign that successfully ousted what Huffington Post noted as the “nation’s least popular governor,” Pat Quinn, Rauner made the usual political promises of streamlining government and improving education and the state’s business climate, all without increasing taxes. In fact, he promised

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GOP Midterm Victories: The GOP’s Plan and Path

This article first appeared at TheNewAmerican.com on Wednesday, November 5, 2014:

Thanks to a groundswell of unhappiness over the economy, healthcare, a porous southern border, and increasing distrust of government in general, Republicans who were swept into office run the risk of thinking that Tuesday’s nearly complete sweep was a vote for them and their policies. As the Wall Street Journal noted, “Many voters said they cast [their] ballots more in opposition to one candidate than [in] support for the other.” New Jersey Governor Chris Christie, chairman of the Republican Governors Association, got it right: “The president took a beating last night!”

Republicans used the president’s increasing unpopularity to connect their opponents’ support for his policies like a millstone, dragging them down to defeat. This marks two mid-term defeats that, according to the Journal, “rank among the

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More Doctors Refusing ObamaCare Patients

This article first appeared at TheNewAmerican.com on Monday, November 3, 2014: 

South Florida resident Miranda Childe finally found an ObamaCare plan she could afford, thanks to a subsidy from the government. But when she tried to use it, she found that doctors — even those on the plan’s network — wouldn’t see her. She stated,

I just felt that I wasn’t being treated like a first-class citizen. Nobody, I don’t care what kind of degrees they have, should ever be treated that way.

Welcome, Miranda, to the world of socialized medicine, a world where

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CBO’s Funny Math

This article first appeared at The McAlvany Intelligence Advisor on Wednesday, October 22, 2014:

National debt clock

National debt clock

The Congressional Budget Office’s August update to the federal budget and outlook for the next 10 years released last week was so filled with questionable assumptions as to make their conclusions completely unrealistic. As expected, the mainstream media focused only on the parts of the report that fed and supported their worldview. For instance, the CBO said that revenues were expected to increase by about 8% over last year to a world record $3 trillion, thanks to increases in individual income taxes, payroll taxes, and corporate income taxes.

This was understood by the White House and establishment economists to

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Welfare State Costs Taxpayers More Than $2 Trillion a Year

This article first appeared at TheNewAmerican.com on Wednesday, August 6, 2014:

 

Following the release of the latest budgetary statement from the U.S. Treasury, Ali Meyer dove into the statistical morass of charts and graphs to determine just how much the welfare state is paying out in benefits. Meyer, writing at CNS News, concluded that beneficiaries received over $2 trillion from the American taxpayer last year, or almost

 

Tea Party Protest, Washington D.C. September 1...

Taxpayers protesting

60 percent of all federal government spending. This included “means-tested” benefits — which require incomes to be below a certain level to quality for them — as well as “non-means tested” benefits such as Medicare, Social Security, unemployment insurance, workers’ compensation and the like.

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.