| |
As Posted
on MarketWatch -- Both sides in the debate over health-care
reform just got reinforcements from new forecasts released
Tuesday showing big government budget deficits continuing even
after the economy recovers.
The White House and the Congressional Budget Office each
released their summer budget outlooks on Tuesday. With a few
minor differences, the two forecasts are in agreement.
This year's deficit doesn't look as bad as it did six months
ago, primarily because the worst-case scenario for the bank
bailouts didn't materialize. However, the deficits for the rest
of the coming decade look a little worse.
The annual deficit is likely to remain above 3% of gross
domestic product indefinitely, with the total debt held by the
public rising to $14.3 trillion, or about 68% of the GDP
estimate of $21.1 trillion in 2019, the CBO says. That's a huge
amount of debt, but it's probably manageable, for now.
The big concern about the deficit comes later on, as health-care
costs consume a larger and larger piece of the government's
budget as the population ages.
Republicans reacted to the new forecasts just as you'd expect,
arguing that the big deficit shows that health-care reform is
impossible. Rep. John Boehner of Ohio, the top Republican in the
House, said health-care was one of a "long line of expensive
Democratic experiments that will add to the deficit."
Democrats, of course, said the deficit projections showed that
health-care reform is absolutely necessary. If health-care costs
aren't brought under control, the debt will mount beyond belief.
This country can't afford an inefficient and wasteful
health-care industry.
Democrats are right to finger health-care costs as THE issue for
the government's long-term fiscal health. And Republicans are
right in warning against any reform that doesn't credibly lower
costs in the long run. This country can't afford to add to its
health-care bill.
As the lawmakers return to Washington after the holiday, they
should remember that controlling costs and improving outcomes
should be the goal of any health-care reform.
Learn how easy and convenient shopping for health insurance can be. Get your
free health insurance online quotes today! |
|