Congress is About to Create a New Ponzi Scheme
Known as the Community Living Assistance Services and Supports Act, or Class Act, this entitlement is in both the House and Senate bills:
The program will hand over its revenues to the feds, who will promptly spend it. In return, the program’s administrators would receive federal IOUs, just as Medicare and Social Security do. But these are nothing more than liabilities that have to be repaid, either by taxes or borrowing. …
[According to the Congressional Budget Office,] “the program would add to budget deficits in the third decade — and in succeeding decades — by amounts on the order of tens of billions of dollars for each 10-year period.” These long-term demands on the Treasury would coincide with shortfalls in Medicare and Social Security projected to be in the hundreds of billions of dollars.
Full op-ed by Scott Harrington in The Wall Street Journal.
Wrong. Congress is about to create a whole slew of Ponzi schemes.
I am getting increasingly apprehensive that this crap is actually going to pass.
Yet another broken promise from Obama — who said we need to reform the entitlement programs.
If Ben Nelson wants to do something good for the country he should insist on the removal of this item.
of Medicare Advantage Plans by state.a0 There is a couple of thngis that you need to be aware of.a0 Medicare Advantage plans are not state or even city specific; they are county specific.a0 I am asked quite often,