Pittsburgh, Pennsylvania – August 10 –
The United States has a huge debt, which brought us to the brink of collapse. The debt is the result of poor political decisions. Big government is the result of those decisions. A new player has appeared on the stage of the big government show. That player is credit ratings. Credit ratings have put a check on big government debt. Credit ratings have issued a warning to investors, namely: Beware, the credit of this government is risky, and you may lose your money.
The main problem is big government. Big government is in the social programs business among other things. Medicare, Obamacare, Medicaid, and Social Security among others. Big government thinks it can run a business better than the private sector. Medicare was in the private sector, but President Obama, Pelosi, and Reid decided that the government can run health care better than the private sector. The jury is still out, but Obamacare is risky. Medicare was passed in July of 1965. The estimated cost:
The cost of Medicare is a good place to begin. At its start, in 1966, Medicare cost $3 billion. The House Ways and Means Committee estimated that Medicare would cost only about $ 12 billion by 1990 (a figure that included an allowance for inflation). This was a supposedly "conservative" estimate. But in 1990 Medicare actually cost $107 billion.
This is the kind of stuff Standard and Poor’s looks at. They don’t only look at rigged CBO estimates, and neither should you.