While many have thrown up their hands in disgust with the $700 billion bailout, supporters of limited government and lower taxes have let Sen. Barack Obama’s proposed $65 billion bailout of the middle class slip by, under the radar, but this is no longer the case.
An article in Wednesday’s Wall Street Journal highlighted the dramatic cost spiral of Obama’s proposal:
“[T]he Obama plan is all about expanding government health care. Mr. Obama is proposing a “public option” that is similar to Medicare but open to everyone of any age. With this new taxpayer-funded entitlement, private insurers would be crowded out as the government gradually paid all of the country’s health-care costs.
“Yet according to the Congressional Budget Office, federal spending on Medicare and Medicaid already takes up 4% of GDP today and will rise to an unsustainable 9% over the next two decades. Mr. Obama wants to add even more costs to this taxpayer balance sheet. The inevitable result as spending explodes would be price controls and rationing.”
If you thought the one-time $700 billion bailout was offensive, just wait until you are paying a $65 billion bailout every year to the American middle class.
– Kalese Hammonds