obamacare just another Ponzi Scheme?

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obamacare just another Ponzi Scheme?

Post  fshnski on Thu Oct 03, 2013 10:55 am

A key source of the ACA’s projected savings, the CLASS entitlement designed to provide unlimited, lifetime benefits for long-term care, was quickly abandoned.

Recognizing that its premiums, $86 billion by 2021, would finance the rest of ObamaCare instead of its own costs, Sen. Kent Conrad (D-N.D.) called CLASS “a Ponzi scheme of the first order, the kind of thing that Bernie Madoff would have been proud of,”
and vowed to block its inclusion in the Senate bill.

Medicare Chief Actuary Richard Foster calculated the program needed to enroll more than 230 million— more than the entire nation’s workforce — to be financially feasible.

HHS Secretary Kathleen Sebelius was forced to admit last October that the plan simply wouldn’t work, even backpedaling to Congress that “my comment was that it was unsustainable as the legislation was crafted.”

CBO Director Douglas Elmendorf noted that month that the “CBO would have estimated that the Repeal the CLASS Entitlement Act would increase federal budget deficits by $83 billion over the 2012– 2021 period, relative to the March 2011 baseline,” thereby eliminating 40 percent of the CBO’s previous budgetary savings of the ACA.


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