Two years ago, when introducing then promptly enacting Obamacare, the
president stated that healthcare law reform would not cost a penny over
$1 trillion ($900 billion to be precise), and that it would not add ‘one
dime’ to the debt. It appears that this estimate may have been slightly
optimistic… by a factor of 1700%. Because coincident
with the recent Supreme Court debacle, in which a constitutional law
president may be about to find that his magnum opus law is, in
fact, unconstitutional, someone actually read the whole thing cover to
cover, instead of merely relying on the CBO’s, pardon Morgan Stanley and
Goldman Sachs’, funding estimates. That someone is Republican Jeff
Sessions who after actually running the numbers has uncovered that the true long-term funding gap is a mind-boggling $17 trillion, just
a tad more than the original sub $1 trillion forecast. This latest
revelation means that total underfunded US welfare liabilities:
Medicare, Medicaid and social security now amount to $99 trillion! Add
to this total US debt which in 2 months will be $16 trillion, and one
can see why Japan, which is about to breach 1 quadrillion in total debt
(yen, but who's counting), may want to start looking in the rearview
mirror for up and comer competitors. And while Obama may have been
taking creative license with a number that is greater than total US GDP,
he was most certainly correct when saying that Obamacare would not add a
penny to US debt. Because the second the US government comes to market
to fund a true total debt/GDP ratio of 750%, it
is game over, and the Fed will have its hands full selling Treasury
puts every waking nanosecond to have any time left for the daily 3pm
stock market ramp.
Read more: http://www.zerohedge.com/news/massive-17-trillion-hole-found-obamacare
Read more: http://www.zerohedge.com/news/massive-17-trillion-hole-found-obamacare
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