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Monday, June 08, 2009

Obamacare another Medicare: 134 percent increase in the payroll tax

CNSNews has an alarming piece out and one that has to be read in full, but to tweak the focus here until you read the whole thing, Obama care would mimic our Medicare program in which the 2009 annual report from the Medicare Trustees says that in order for Medicare to remain solvent there will have to be "134 percent increase in the payroll tax paid by every working American."

Let your mind wrap around that for a second. That is Medicare and that is the plan that Obama's healthcare plan will regurgitate on a massive scale, to not only cover the elderly as Medicare does, but everyone.

What will the cost to the American taxpayer be then?

You think you pay enough in taxes? You think your healthcare costs are too high now?

Imagine the government taking 134 percent more from your paychecks to not only cover you and your family, but everyone else as well.

Healthcare for all is great in theory, but it is not sustainable, ask the UK, France, and Canada how that is working out for them, when they have millions that have their neeeds outsourced to other countries because their "public" healthcare cannot take care of them.

Obama’s federal plan would essentially operate like a massive version of Medicare, the government-run plan for seniors which cost 3.2 percent of the country’s Gross Domestic Product (GDP) in 2008 and which will become insolvent for the first time this year.

Medicare faces $34 trillion in unfunded liabilities – the cost of services seniors are eligible for in the future but for which the government does not have the money.

According to the 2009 annual report from the Medicare Trustees, the program will require a 134 percent increase in the payroll tax paid by every working American to remain solvent.

The federal plan has been described as “Medicare-like” by the Senate Finance Committee, which Baucus chairs, and would be run by a new government agency within the Department of Health and Human Services (HHS), according to an outline of the plan published by the committee.

“This proposal would establish a ‘Medicare-like’ public health insurance option,” Baucus’ proposal says.

So, the Medicare plan is not sustainable without raising the payroll tax by 134 percent and this is the system, already proven unsustainable, that Obama is pitching for all Americans?

Hennessey details the problems clearly, go read why he opposes this and ask yourself why everyone doesn't.