CLASS Dismissed

But, but, but, how can this be, Obamacare was such a well thought out and carefully crafted 2700 page piece of legislation?

Obama drops long-term health care program

Citing cost concerns, the Obama administration said Friday it has halted a long-term care insurance program that was part of the massive health care law passed in 2010.

Called the CLASS Act (Community Living Assistance Services and Supports), the program was canceled by Health and Human Services Secretary Kathleen Sebelius after a 19-month effort to find a way to make it financially viable.

In a letter to Congress, Sebelius wrote, “Despite our best analytical efforts, I do not see a viable path forward for CLASS implementation at this time.”

See also:
Long-Term Care Gets the Ax
U.S. Won’t Start Long-Term Care Insurance
Obama administration drops part of healthcare law
White House kills CLASS
Obama Pulls Plug on New Long-Term Care Insurance Program in Health Care Law
U.S. Drops Controversial Long-Term Care Program
Sebelius On The CLASS Act: ‘I Do Not See A Viable Path Forward’
Administration Drops Long-Term Care Provision Of Overhaul
Kathleen Sebelius declares end to CLASS Act
Nixing of health law’s ‘unsustainable’ CLASS Act prompts GOP inquiry
What the CLASS Act says about health-care reform

And remember, the CLASS Act was supposed to generate revenue that would offset the cost of other parts of Obamacare. So, even if you believed the absurd fiction that Obamacare paid for itself and wasn’t another massively underfunded government social entitlement, that will add trillions to the national debt, that fairy tale is obviously no longer within the realm of reality. Eliminating the CLASS Act is like kicking out a leg of the three legged Obamacare stool. The thread is being pulled and the Obamacare sweater is starting to unravel.

/between the Supreme Court’s upcoming ruling on the individual mandate and the 2012 elections,, hopefully Obamacare will become just an unpleasant memory within the next few years

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Famous Last Words

And for some bizarre, unexplained reason, Tim Geithner is still the U.S. Treasury Secretary.

Credit rating downgrade hits markets

U.S. stocks tumbled, following the biggest weekly drop in the Standard & Poor’s 500 Index since 2008, amid concern that a downgrade of the nation’s credit rating by S&P may worsen an economic slowdown.

The U.S. credit rating downgrade extended a rout that wiped out $1.94 trillion in market value from the country’s stocks. S&P lowered the U.S. long-term rating one level to AA+ after markets closed on Aug. 5 while keeping the outlook at “negative” as the company becomes less confident that Congress will end Bush-era tax cuts or tackle entitlements.

See also:
The Impact Of The S&P U.S. Credit Downgrade On Small Businesses
sting Icons Weigh In On U.S. Credit Downgrade
2ND UPDATE: Goldman Sachs: S&P’s US Downgrade May Be ‘Material And Adverse’ -Filing
U.S. Credit Downgrade Leaves ‘Horrible Impact’
Wall St. panics as Washington dawdles and the wheels come of the economy
GOP candidates slam Obama on US credit downgrade
Senate panel reviewing S&P downgrade
Was S&P downgrade an act of revenge?
Rating Agencies in Spotlight Following Downgrade

Of course, the Democrats got their talking points together and tried blaming the Tea Party.

Seriously, blaming the Tea Party is about as ridiculous as blaming the fireman for starting the fire.

/the obvious problem, to any sane observer, is that Obama and the Democrats just spend too damn much money

Slip Slidin’ Away

Gee, the weasel politicians in Washington continue to abdicate their responsibility and keep kicking the can down the road and the Social Security and Medicare insolvency problem keeps getting worse year after year. Go figure.

Financial Outlook Worsens for Social Security, Medicare

Social Security and Medicare’s annual checkup found that the entitlement system continues to face long-term financial challenges. The Social Security trust fund is expected to be exhausted in 2036, one year sooner than was projected last year. And the date Medicare’s hospital insurance trust fund is projected to be depleted has advanced up to 2024, five years earlier than in last year’s report. Once those dates pass, there will only be sufficient resources coming in to pay out about 77 percent of scheduled Social Security benefits and 90 percent of retirees hospital insurance costs, unless changes are made to the program.

Read the Medicare trustees’ report:

2011 ANNUAL REPORT OF THE BOARDS OF TRUSTEES OF THE FEDERAL HOSPITAL INSURANCE AND FEDERAL SUPPLEMENTARY MEDICAL INSURANCE TRUST FUNDS

See also:
Social Security Board of Trustees: Projected Trust Fund Exhaustion
One Year Sooner

Outlook Worsening for Social Security, Medicare, Trustees Say
New report warns Social Security, Medicare could run out of money even earlier than feared
Outlook for Social Security, Medicare Poor: Trustees
Medicare could run out of money sooner than previously predicted
Bleaker outlook for Social Security, Medicare
Outlook for Medicare, Social Security worsens
Government: How bad is the news about Social Security?
Medicare and Social Security Trustees report: Capitol Hill reaction
Medicare funds will be depleted in 13 years, report says

And, since we’re already into the 2012 election cycle, I wouldn’t expect Obama or Congress to step up and have the courage to make the hard, politically unpopular decisions that will have to be made in order to put Medicare and Social Security back on the path to solvency. Just look at how Paul Ryan is already being attacked for lucidly speaking truth to the demagogues. And so, next year, there’ll be another report telling us that the insolvency problem for Medicare and Social Security has gotten even worse.

/seriously, you didn’t really think you were going to collect Medicare and Social Security benefits, did you?