This is just incredible, just incredible. There is now a record $1.2 trillion dollar budget deficit and what is Obama's response?
Changes in Social Security and Medicare will be central to efforts to bring federal spending in line, President-elect Barack Obama said Wednesday, as the Congressional Budget Office projected a $1.2 trillion budget deficit for the fiscal year.
“We expect that discussion around entitlements will be a part, a central part” of efforts to curb federal spending, Mr. Obama said at a news conference. By February, he said, “we will have more to say about how we’re going to approach entitlement spending.
These are the last pillars of the social safety net created by FDR. Note, the OECD says the United States spends 8 times what every other industrialized nation spends in health care costs. This link goes to a series of graphs and more information on just how badly the United States is getting ripped off in health care costs.
Yet we never hear about that point, how private insurance companies are making huge profits from sick people as well as the entire health business sector. Nope, just reduce benefits to U.S. citizens and nary a mention of the TARP and how we just funded executive pay and bonuses.
The Congressional Budget Office report is here.