Now here's an interesting little factoid I'll bet you didn't know. I learned this reading a Bruce Bartlett column this morning. All of our nation's major entitlement programs were enacted into law when one party controlled the Presidency, the House and the Senate. We got the hideous Social Security problem when FDR was in the White House and Democrats controlled the House and Senate. Medicare came to us when LBJ was in office with Democrats controlling congress. Now it's the prescription drug benefit. We have a Republican president and Republicans in control of the House and Senate .. and what do we get for Christmas? a boondoggle that will cost us over $2 trillion over the next 20 years.
Here's something else you don't know. Every single penny that is to be spent on the drug benefit package is going to have to be borrowed. There is no surplus in the federal treasury with which to pay the tab. The money has to be borrowed. And just who will pay the money back? I can tell you who won't pay the money back: Seniors who will benefit from this program over the next decade and the supporters and politicians who put it in place today: The seniors will get taxpayer funded subsidies to buy their drugs. This means that they will be able to spend their own money on something else. Remember ... the people who will benefit are the wealthiest segment of our society, and less than 5% of them have reported any serious difficulties in getting their prescription drugs.
The politicians, of course, will get the votes of the seniors in 2004. That's what drove this whole bill in the first place ... vote buying. That's the way it goes, though. Seniors vote. Young people don't. That's why young Americans and their children will be making the payments on this vote buying scheme for years to come.
Pundits are calling this a huge political win for the White House. Maybe so ... if reelection is all you're considering. George Bush says "we're keeping our promise to America's seniors." Yeah ... we're keeping our promise to loot future generations of Americans so that the Gimme Generation can free up some of its money for more bingo cards instead of having to spend it on their prescription drugs. It's a huge financial loss for future generations of Americans. Too bad they aren't paying attention.
There has been absolutely no effort whatsoever on the part of Republicans in the Senate or the House to limit spending, and George Bush has raised not one complaint, let alone veto one bill, to bring things under control.
Bruce Bartlett's article is suggesting that we need gridlock again ... we need a Democrat in the White House with Republicans in control of the congress. Right now that sounds like a pretty good idea.
Bring back gridlock