America Has Crossed The ‘Red Line’
It’s a millstone of debt, not a milestone to celebrate
Greetings to all Americans, and here we are for another installment of the Next Generation weekly update.
We launched our “Next Generation Today” programming this week. Our pilot episode will give you a taste of the great content to come as we develop the show. Please watch it and share your feedback. Let us know what you like and what else you want to see in the future. Michelle, John and I appreciate your comments. Please keep them coming.
We also updated the Next Generation Data Card, which we encourage you to download here. We will update this card monthly to give you a quick snapshot of several key economic indicators.
Economic perspective from the CBO
Even more alarming is that if we add our unfunded liabilities – the mandatory spending for programs such as Medicare, Medicaid and Social Security – we have far exceeded the threshold. And that was the crux of the CBO report – that we must reform mandatory spending programs and get them under control.
The CBO also found that 7 million to 8 million Americans could lose their employer-based healthcare benefits thanks to the president’s plan. Remember, the law was touted in 2010 as only costing American taxpayers $940 billion. CBO later revised that cost to $1.1 trillion and just this week revised the cost to $1.3 trillion over the next 10 years.
I suppose it was as then-House Speaker Nancy Pelosi stated: “We have to pass the bill so that you can find out what is in it.”