This entry was posted on Friday, December 18th, 2009 at 9:15 am and is filed under FYI. You can leave a response, or trackback from your own site.
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.
December 18th, 2009 at 9:19 am
Wrong. Congress is about to create a whole slew of Ponzi schemes.
December 18th, 2009 at 9:49 am
I am getting increasingly apprehensive that this crap is actually going to pass.
December 18th, 2009 at 10:49 am
Yet another broken promise from Obama — who said we need to reform the entitlement programs.
December 19th, 2009 at 9:09 am
If Ben Nelson wants to do something good for the country he should insist on the removal of this item.