Be Afraid

Health Care to Bankrupt US?

Move over recession, there’s a new fear in town: During yesterday’s three-hour fiscal responsibility summit President Obama’s top officials expressed concern over rising health care costs, saying that, in the long run, they pose a greater threat to the nation’s finances than the current stimulus. Peter Orszag, White House budget director said, “Health-care reform is entitlement reform. The path of fiscal responsibility must run directly through health care.” Rising Medicare and Medicaid costs could push the debt owed to foreign governments to 300 percent of the nation’s gross domestic product by mid-century.