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Crisis Theater: The math of being broke | Tom Coburn

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On the Senate floor,

(embedded video available at Reuters Insider)
Senate continues consideration of Sen.Reid’s debt bill, Thomson Reuters:

Reuters Insider


They are in difficult straits. Matter of Fact they are broke. here’s the ones that are broke..”

whole text below..

They are in difficult straits. Matter of Fact they are broke. here’s the ones that are broke. Medicare part a trust fund. Worst case scenario this year 2016. That’s the pond that solves and pays for hospitalization for our seniors. We’ve heard a lot of statements set about Medicare. The average Medicare recipient paid a 130000 Dollars in to Medicare.

The average Medicare Recipient takes 350000 Dollar on his plan. How long do you think that can continue? How long can we continue to tell seniors that we can continue that program based on its utilization rates, based on its reimbursement rates, based on its tax rates, that has a 220000 Dollar difference between what goes out as benefits vs what comes in. It’s broke, Medicaid’s broke.

The reason that’s broke is because the states are broke trying to take care of it. We mandate what they must do. And yet the states are choking on Medicaid. And we’re choking on matching the amount of dollars. And under the Affordable Care Act is now estimated 25 million more people, will go into Medicaid. So it is broke. The census is broke. It was broke before it started. It costed twice what it did ten years ago. 8 billion dollars more than what it was estimated. Fannie and Freddie we know they’re broke — 190 billion dollars that you have now. Committed — Or. To pay to get them out of — Congress created that…”

So, apparently there is a lot of savings that be wrought ont he US budget, didn’t the republican’s know it when they broke the Camel’s back?

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One comment on “Crisis Theater: The math of being broke | Tom Coburn

  1. Pingback: The math of being broke III – The S&P problem with Debt projections | The Banking and Strategy Initiative

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This entry was posted on July 31, 2011 by in Financial Markets and tagged , , , , , , , .

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