Nearly one-quarter of that long-term Medicare deficit, $8 trillion, is attributable to the prescription-drug benefit championed by President Bush and approved by a Republican-controlled Congress. "Incredibly," Walker noted, "this number was not disclosed or discussed until after the Congress had voted on the bill and the president had signed it into law." He said the bill's passage "arguably represents government 'truth' and 'transparency' at its worst."
Although it was presented as a solution to the dilemma of senior citizens forced to choose between eating and taking their medicine, the drug benefit is not means-tested. Like Social Security and Medicare generally, it transfers wealth from young workers to retirees who are often financially better off, buying the votes of older Americans with their grandchildren's money.
Not that the Democrats, who criticized the drug benefit as insufficiently generous, are any better. If you believe a Democratic president would be more fiscally responsible than Bush, have a look at the campaign ad that presents "Universal Health Care," "Alternative Energy," "Middle Class Tax Breaks" and "Universal Pre-K" as Christmas gifts lovingly wrapped by a beneficent Hillary Clinton. Unlike Charlie Rangel, at least Clinton wants to buy gifts for us, but she's still using our money.
"Our government has made a whole lot of promises that, in the long run, it cannot possibly keep without huge tax increases," Walker noted. Yet Clinton is making even more promises, and she proposes to do it all while cutting taxes.
I think I prefer Rangel's grandiosity. It's a lot cheaper.
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