Virginia joined 33 other states and the District of Columbia that so far have enlarged Medicaid coverage.
Former Indiana governor Mitch Daniels, now president of Purdue University, has asserted that states like Illinois, Connecticut, and California "Have descended into unmanageable public indebtedness. In Illinois, vendors wait months to be paid by a state government that is $30 billion in debt and one notch above junk bond status. In per capita state debt, Connecticut ranks among the worst in the nation, with unfunded liabilities amounting to $22,700 per citizen."
Wrote Daniels, "The explosion of Medicaid spending, even before Obamacare , has devoured state funds just as it and its entitlement cousins, Medicare and Social Security, have done at the federal level." Local and state employee pensions "Of sometimes grotesque levels guarantee that the fiscal strangulation will soon get much worse."
In 2003, Garden State employees paid $853.7 million into pension funds; the state added another $316.6 million for a total of $1.2 billion.
If a crash comes, states will beg Congress to "Nationalize" their debts, Indiana's Daniels forecast.
The system is sustainable until a prolonged economic downturn; until investors - the Chinese government, Arab oil states' sovereign wealth funds, Wall Street, or others - decide that U.S. Treasury bonds aren't as attractive as previously, or perhaps until artificial intelligence applications upend the workforce by shrinking it and the number of taxpayers.
The federal government reportedly will fund 90 percent of the increased costs, a state tax on hospitals the remainder.
https://www.americanthinker.com/articles/2018/09/medicaid_expansion_and_fiscal_irresponsibility.html
Former Indiana governor Mitch Daniels, now president of Purdue University, has asserted that states like Illinois, Connecticut, and California "Have descended into unmanageable public indebtedness. In Illinois, vendors wait months to be paid by a state government that is $30 billion in debt and one notch above junk bond status. In per capita state debt, Connecticut ranks among the worst in the nation, with unfunded liabilities amounting to $22,700 per citizen."
Wrote Daniels, "The explosion of Medicaid spending, even before Obamacare , has devoured state funds just as it and its entitlement cousins, Medicare and Social Security, have done at the federal level." Local and state employee pensions "Of sometimes grotesque levels guarantee that the fiscal strangulation will soon get much worse."
In 2003, Garden State employees paid $853.7 million into pension funds; the state added another $316.6 million for a total of $1.2 billion.
If a crash comes, states will beg Congress to "Nationalize" their debts, Indiana's Daniels forecast.
The system is sustainable until a prolonged economic downturn; until investors - the Chinese government, Arab oil states' sovereign wealth funds, Wall Street, or others - decide that U.S. Treasury bonds aren't as attractive as previously, or perhaps until artificial intelligence applications upend the workforce by shrinking it and the number of taxpayers.
The federal government reportedly will fund 90 percent of the increased costs, a state tax on hospitals the remainder.
https://www.americanthinker.com/articles/2018/09/medicaid_expansion_and_fiscal_irresponsibility.html
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