Friday, August 14, 2009

Meanwhile, obscured by Obamacare's smoke and mirrors.....

Cato's Michael Cannon:

"Democrats are using smoke and mirrors to hide the impact of their health plans. Existing estimates, therefore, reflect only a fraction of the total cost...

....The CBO projects that under current law, federal spending will grow from 20 percent of the economy today to nearly 40 percent by the end of this century, mainly because of Medicare and Medicaid.

At the request of Ryan, the CBO estimated that federal income-tax rates would nearly have to double by midcentury (top rate: 66 percent) and more than double by 2082 (top rate: 88 percent), just to pay for those existing federal commitments.

Americans deserve to know whether Obama's plan would push tax rates higher than 66 percent. The CBO fulfilled Ryan's original request in just four days. That doesn't seem too long to wait before mortgaging your children's future."
It's a good thing this administration and it's cronies are committed to "transparency", right?

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