And what he had to say was troubling to say the least. Especially when you consider the subject matter and the agency (CBO)involved.
In 1966 when Medicare was signed into law by Lyndon Johnson, the Congressional Budget Office gave an estimated cost of 60 billion dollars a year for the program by the year 2010. Spending for Medicare reached $599 Billion in 2008 and stands to reach $900 billion for fiscal year 2010.
So to say that the CBO missed it by a mile would be a grandiose understatement. But worse than that, combining the costs of the present Medicare system with Obama care? And the inflationary reality of this Trojan horse socialist program is mind boggling.
The costs will be exponential and in only a matter of less than a decade (if history is used as a yardstick and predictor of our future) Obama care will completely collapse the economy of this nation.
If Obama doesn't accomplish that single handedly in the interim with his other socialist crusades on immigration and tax and trade.
Read on......and watch the interview. Then remember where and when you first saw the flames approaching the great city on a hill.
If CBO Numbers Wrong, Obamacare Will Be Disastrous
Greenspan told ABC News’ “This Week” on Sunday CBO is a “first-rate” operation, but significant danger exists should their projections prove inaccurate over time.
“And when you're dealing with an economy in which debt is becoming, federal debt is becoming ever increasingly a problem, it strikes me that when you're dealing with public policy and you're in a position where you have to ask yourself, ‘What happens if we are wrong?’” Greenspan said in response to a question from ABC’s Jake Tapper regarding his thoughts about the newly passed healthcare reform act.
The real danger lies in the possibility the CBO underestimated the healthcare plan’s actual real-world costs. Should the costs come in higher than projected, as many critics believe, the result would be increased borrowing by the federal government that could further damage the nation’s credit and the economy in the long run.
“In other words, in the case now, where our buffer between our capacity to borrow and our actual debt is narrowing, for the first time, I think, in the American history,” Greenspan said. “There's a question, supposing we are wrong on the cost estimates, and, indeed, they are actually much higher than the best estimates can generate, the consequences are very severe.”
When asked by Tapper if the CBO’s projections were too “rosy”, Greenspan said that was a distinct possibility and his gut instinct tells him the real numbers likely will be higher than what the congressional budget watchdog estimated.
“The probability that it (the costs) might be is probably much higher than I think we would like,” Greenspan said.