Maybe Obama Finally gets it

Obama Says U.S. Long-Term Debt Load ‘Unsustainable’

May 14 (Bloomberg) — President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”
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Us conservatives have been railing against government spending for many, many years and have been saying it is not long term sustainable and will cause huge inflation and high interest rates.

We will see if he actually does cut government costs significantly (25-50%) or is another lip service politician which says one thing and does another, like add a few trillion more in government spending for universal health insurance for the 3 or 4 million American citizens which do not have insurance for the long term.

Adding the 12 to 15 million uninsured illegal immigrants will bankrupt any government system. The other 12 to 15 million which are already eligible for government insurance (SCHIP or MEDICAID) and do not use those programs. That is 25 to 30 million of the 45 million the Single Payer Health insurance people talk about, then there are 10 million transient people (between insurance coverage) and 5 to 10 million who do not choose to buy health insurance.

HR 676 – National Universal Health Insurance – Scarily non-specific

Library of Congress site

Actual PDF

only 27 pages, no specifics, lots of generalities which create new Boards, administrators and government employees to run a universal health insurance.

Some excerpts – Bold parts which define non-US citizens are eligible

TITLE I—ELIGIBILITY AND BENEFITS
SEC. 101. ELIGIBILITY AND REGISTRATION.
(a) IN GENERAL.—All individuals residing in the
United States (including any territory of the United
States) are covered under the USNHI Program entitling
them to a universal, best quality standard of care. Each
such individual shall receive a card with a unique number
in the mail. An individual’s social security number shall
not be used for purposes of registration under this section.
(b) REGISTRATION.—Individuals and families shall
receive a United States National Health Insurance Card
in the mail, after filling out a United States National
Health Insurance application form at a health care provider.
Such application form shall be no more than 2 pages
long.
(c) PRESUMPTION.—Individuals who present themselves
for covered services from a participating provider
shall be presumed to be eligible for benefits under this Act,
but shall complete an application for benefits in order to
receive a United States National Health Insurance Card
and have payment made for such benefits.

Congress shall divide the country into regions that will get a heath care pool of money which the regional director spends as that person deems neccessary.

REGIONAL ALLOCATION.—After Congress
appropriates amounts for the annual budget for the
USNHI Program, the Director shall provide the regional
offices with an annual funding allotment to
cover the costs of each region’s expenditures.
Such allotment shall cover global budgets, reimbursements
to clinicians, and capital expenditures. Regional offices
may receive additional funds from the national
program at the discretion of the Director.

Government sets payment level to doctors, hospitals, everyone

FEE FOR SERVICE.—
(A) IN GENERAL.—The Program shall negotiate a simplified fee schedule that is fair with representatives of physicians and other
clinicians, after close consultation with the National Board
of Universal Quality and Access and regional and State directors. Initially, the current prevailing fees or reimbursement would
be the basis for the fee negotiation for all professional services covered under this Act.

Government will forbid payment outside this system, if a service is covered and the doctor thinks you need it and the government will not pay, you do not get the service.

(E) BILLING.—Under this Act physicians shall submit bills to the regional director on a simple form, or via computer. Interest shall be
paid to providers whose bills are not paid within 30 days of submission.
(F) NO BALANCE BILLING.—Licensed health care clinicians
who accept any payment from the USNHI Program may not bill any
patient for any covered service.

Funded through tax increases on top 5% of wage earners, payroll tax increase and stock & bond transactions. What the tax is not defined, but can be whatever is necessary to fund the act. That is clearly defining the costs.

Subtitle B—Funding
SEC. 211. OVERVIEW: FUNDING THE USNHI PROGRAM.
(a) IN GENERAL.—The USNHI Program is to be
funded as provided in subsections (b) and (c).
(b) ANNUAL APPROPRIATION FOR FUNDING OF
USNHI PROGRAM.—There are authorized to be appropriated to carry out this Act such sums as may be necessary.
(c) INTENT.—Sums appropriated pursuant to subsection
(b) shall be paid for—
(1) by vastly reducing paperwork;
(2) by requiring a rational bulk procurement of medications;
(3) from existing sources of Federal government revenues for health care;
(4) by increasing personal income taxes on the 25 top 5 percent income earners;
(5) by instituting a modest payroll tax; and
(6) by instituting a small tax on stock and bond transactions.

Who will be on the NATIONAL BOARD OF UNIVERSAL QUALITY AND ACCESS.

(A) Health care professionals.
(B) Representatives of institutional providers of health care.
C) Representatives of health care advocacy groups.
(D) Representatives of labor unions.
(E) Citizen patient advocates.

Why are labor unions reps on this board? Others make sense.

I am terrified of this government action.