NCPA president John Goodman explains the relationship between ObamaCare and the national debt here.
As I explained at The Health Care Blog
the other day, here?s the bottom line: Our entitlement problems all
stem from the fact that these programs are run like Bernie Madoff chain
letters. Since payroll tax revenues are spent rather than invested,
workers are accumulating benefits that are not paid for. Implicitly, we
are creating huge obligations for generations not yet born ? people who
never agreed to be part of the scheme and who will surely be worse off
if they participate.
But don’t despair, the National Commission on Fiscal Responsibility and Reform (A truly Orwellian title) will solve the crisis.
The worst possible outcome from the Commission would be a value-added tax (VAT) and other measures
that have no other purpose than to temporarily shore up the Ponzi
schemes and push the can down the road a bit. Real reform means
converting our pay-as-you-go systems into funded systems for both Social Security and Medicare. Real reform means creating systems in which each generation saves and invests and pays its own way.
