Best of the Week
Most Popular
1. Gold Final Warning: Here Are the Stunning Implications of Plunging Gold Price - P_Radomski_CFA
2.Fed Balance Sheet QE4EVER - Stock Market Trend Forecast Analysis - Nadeem_Walayat
3.UK House Prices, Immigration, and Population Growth Mega Trend Forecast - Part1 - Nadeem_Walayat
4.Gold and Silver Precious Metals Pot Pourri - Rambus_Chartology
5.The Exponential Stocks Bull Market - Nadeem_Walayat
6.Yield Curve Inversion and the Stock Market 2019 - Nadeem_Walayat
7.America's 30 Blocks of Holes - James_Quinn
8.US Presidential Cycle and Stock Market Trend 2019 - Nadeem_Walayat
9.Dear Stocks Bull Market: Happy 10 Year Anniversary! - Troy_Bombardia
10.Britain's Demographic Time Bomb Has Gone Off! - Nadeem_Walayat
Last 7 days
Tory Leadership Contest - Will Michael Gove Stab Boris Johnson in the Back Again? - 19th May 19
Stock Market Counter-trend Rally - 19th May 19
Will Stock Market “Sell in May, Go Away” Lead to a Correction… or a Crash? - 19th May 19
US vs. Global Stocks Sector Rotation – What Next? Part 1 - 19th May 19
BrExit Party EarthQuake Could Win it 150 MP's at Next UK General Election! - 18th May 19
Dow Stock Market Trend Forecast 2019 May Update - 18th May 19
US Economy to Die a Traditional Death… Inflation Is Going to Move Higher - 18th May 19
Trump’s Trade War Is Good for These 3 Dividend Stocks - 18th May 19
GDX Gold Mining Stocks Fundamentals Update - 17th May 19
Stock Markets Rally Hard – Is The Volatility Move Over? - 17th May 19
The Use of Technical Analysis for Forex Traders - 17th May 19
Brexit Party Set to Storm EU Parliament Elections - Seats Forecast - 17th May 19
Is the Trade War a Catalyst for Gold? - 17th May 19
This Is a Recession Indicator No One Is Talking About—and It’s Flashing Red - 17th May 19
War! Good or Bad for Stocks? - 17th May 19
How Many Seats Will Brexit Party Win - EU Parliament Elections Forecast 2019 - 16th May 19
It’s Not Technology but the Fed That Is Taking Away Jobs - 16th May 19
Learn to Protect your Forex Trading Capital - 16th May 19
Gold Ratio Charts Offer The Keys to the Bull Market - 16th May 19
Is Someone Secretly Smashing the Stock Market at Night? - 16th May 19
Crude Oil Price Fails At Critical Fibonacci Level - 15th May 19
Strong Stock Market Rally Expected - 15th May 19
US China Trade Impasse Threatens US Lithium, Rare Earth Imports - 15th May 19
Gold Mind Reader's Guide to the Global Markets Galaxy: 'Surreal' - 15th May 19
Trade Wars and Other Black Swan Threats to Your Investments - 15th May 19
Our Long-Anticipated Gold Momentum Rally Begins - 15th May 19
Defense Spending Is Recession Proof - Defense Dividend Stocks - 15th May 19
US China Trade Issues Will Drive Market Trends – PART II - 14th May 19
The Exter Inverted Pyramid of Global Liquidity Credit risk, Liquidity and Gold - 14th May 19
Can You Afford To Ignore These Two Flawless Gold Slide Indicators? - 14th May 19
As cryptocurrency wallets become more popular, will cryptocurrencies replace traditional payments? - 14th May 19
How US Debt Will Reach $40 Trillion by 2025 - 14th May 19
Dangers Beyond a Trade War with China - 14th May 19
eBook - Greatest Tool for Trading? - 14th May 19
Classic Pitfalls for Inexperienced Traders - 14th May 19
Stock Market S&P 500 Negative Expectations Again - 13th May 19
Why Rising Living Standard in China Offers Global Hope - 13th May 19
Stock Market Anticipated Correction Starts On Cue! - 13th May 19
How Chinese Trade Issues Will Drive Stock Market Trends - 13th May 19
Amazon SCAM Deliveries for Fake Verified Purchaser Reviews "Brushing" - 13th May 19
Stock Market US China Trade War Panic - Video - 13th May 19
US Stock Market Leading Macro Economic Indicators Update - 12th May 19
SAMSUNG - BC94.L - Investing in AI Machine Intelligence Stocks - 11th May 19
US Increases Trade Tariffs Against China – Stock Markets, Gold, and Silver - 11th May 19
Who Has More To Lose In A No Deal Brexit? - 11th May 19
Gold at $1,344 Will Start Real Fireworks on the Upside - 11th May 19
Make America’s Economy Great Again - 10th May 19
Big US Stocks’ 2019 Fundamentals - 10th May 19
Stock Market US China Trade War Panic! Trend Forecast May 2019 Update - 10th May 19
Stock Market Shake-Out Continues – Where Is The Bottom? - 10th May 19

Market Oracle FREE Newsletter

U.S. House Prices Analysis and Trend Forecast 2019 to 2021

Romney & Co. Distort Medicare Realities, Democrats Did NOT steal $716 billion from Medicare

ElectionOracle / US Presidential Election 2012 Oct 17, 2012 - 03:35 AM GMT

By: Walter_Brasch

ElectionOracle

Best Financial Markets Analysis ArticleSeveral times during the first presidential debate, Mitt Romney claimed President Obama had stolen $716 billion from Medicare to fund the Patient Protection and Affordable Care Act, known as Obamacare. Paul Ryan repeat that lie, as well as several other distortions and half-truths, in the vice-presidential debate.


That claim wasn’t original with Romney. Thousands of Republican candidates have said the same thing. And, thousands of Republican candidates are wrong. Most know the facts. But in their zealous attempt to spin the truth and get senior citizen votes, they still use that $716 billion claim as fact.

Here are the facts.  

Over a 10 year period—that’s 10 years not immediately, as stated—Medicare will lose $716 billion. But, that’s primarily because of two provisions of the new law, found to be constitutional by the Supreme Court of the United States.

First, Obamacare reduces excessive payments to hospitals and other medical providers over that 10 year period. Second, and most important, it reduces payments to hospitals that have an excessive number of readmissions.

This forces hospitals to deal with patient issues before releasing the patients. Over the next year, you will see hospital staffs spending more time with patients, and more time trying to coordinate care to avoid having patients return—some for three or four times—to take care of issues that should have been handled before their first discharge. No money is taken from individuals.

But, this phony argument by Romney wasn’t the only one he made. He claimed a board will determine what treatment patients can receive. This is blatantly wrong. A board does exist, but it exists to review costs by medical providers and, again, to examine high readmission rates and to recommend ways to lower costs. Grandma won’t be denied health care because of some governmental board.

Finally, of the couple of dozen errors and lies Romney made in the debate, many not challenged by the President at the time, Romney claims his own plan—an alternate to Obamacare—allows anyone with a pre-existing condition to be able to receive insurance. That’s only if the person has a gap of insurance coverage of less than 63 days in the previous 18 months. And, that’s not Romney’s plan, that’s already in the law.

The new law, under President Obama, requires insurance coverage for pre-existing conditions. Period. No exceptions. It ends the cherry-picking by insurance companies that accept only low-risk patients. Persons who do not have employer-sponsored insurance coverage or who have been laid off and can’t afford coverage for several months can’t be denied insurance protection.

Here’s some more facts about Obamacare that are either not mentioned or deliberately distorted by the Republican UnTruth Machine and the propagandists of right-wing talk radio.

Obamacare is not a government take-over of health care, primarily because it still places insurance coverage in the hands of private businesses and insurance companies. It does, however, allow more persons to be insured who are below the poverty line. Currently, about 50 million people do not carry health insurance. Most are unable to afford it. Under Obamacare, they will have insurance coverage.

The new law adds and improves community health centers, allowing low-income persons to be treated in their own micro-communities. Having community health centers in place also increases the probability that those who need medical assistance will receive it. Physicians may still decline to treat persons who are on Medicare, for example, but the impoverished and the low-income elderly won’t be turned away.

The new plan also allows more preventative treatment, something that many insurance companies currently don’t allow. As dozens of studies have shown, preventative medicine reduces not only mortality but costs as well.

About 19 million middle-class families will receive tax credits averaging about $4,800 a year for health coverage, according to the independent Congressional Budget Office (CBO). However, some people won’t get that advantage. Those will be persons earning at least $250,000 a year. Those persons will pay a slightly higher tax, still well below the tax rate during every presidential administration since the Eisenhower Administration, with the exception of what was supposed to be a temporary tax cut by the George W. Bush administration. In a side benefit to more than 98 percent of all Americans, they will no longer be paying a higher tax rate than multimillionaires running for the presidency.

Finally, the CBO has said that implementation of Obamacare will reduce the deficit by $100 billion in the first decade, and $1 trillion in the next decade. But you don’t hear any Republicans mention those facts.

In Mr. Romney’s case, and the case presented by the bloviators of the right-wing that has smothered the once-respectable Republican party, truth is just the first casualty in the war of words.

[Walter Brasch’s latest book is Before the First Snow, a fact-based novel that looks at the nuclear industry during its critical building boom in the 1970s and 1980s.]

By Walter M Brasch PhD
http://www.walterbrasch.com

Copyright 2011 Walter M Brasch

Walter Brasch is a university journalism professor, syndicated columnist, and author of 17 books. His current books are America's Unpatriotic Acts , The Federal Response to Hurricane Katrina , and Sex and the Single Beer Can: Probing the Media and American Culture . All are available through amazon.com, bn.com, or other bookstores. You may contact Dr. Brasch at walterbrasch@gmail.com

Walter Brasch Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules