Obama says Nationalizing Healthcare & Cap and Trade Is What Is Needed to Shore Up Economy
Obama admitted himself that cap and trade would cause energy prices to skyrocket in an interview last year:
Cap and trade will likely cost every American family $700 to $1,400 dollars a year.
But, today Obama defended his plans to push through an expensive cap and trade energy policy and spend another $634 billion on healthcare.
Obama says we must spend the billions today because delay would make the recovery more fragile.
You’d think one of the reporters in the room would have asked him to explain this nonsense… But, no.
The AP reported:
Confronting misgivings in his own party, President Barack Obama mounted a stout defense of his blueprint to overhaul the national economy Thursday, arguing that delay on health care, energy and education would make “recovery more fragile and our future less secure.”
The president’s wide-ranging proposals in the midst of economic crisis faced skepticism from both Democrats and Republicans, as senators questioned his long-term budget outlook and the deficits it envisions in the middle of the next decade.
Sen. Kent Conrad, the chairman of the Budget Committee called the track of future deficits “unsustainable” and singled out Obama’s proposal for spending $634 billion on health care over the next 10 years.
“Some of us have a real pause about the notion of putting substantially more money into the health care system when we’ve already got a bloated system,” said Conrad, D-N.D.
Treasury Secretary Timothy Geithner, testifying before Conrad’s committee, also encountered blunt questions about the administration’s plans for shoring up the nation’s banks. He reiterated the administration’s goal to lay out a private-public partnership to make up to $1 trillion in financing available to help banks clear their books of toxic, mortgage-related assets that have led to a national credit freeze.
Geithner hinted more money might be required beyond the existing $700 billion financial rescue fund. “We certainly can start with the resources we have,” he said.
Before Obama spoke about his expensiv new programs, tax cheat Geithner said today that the spending would be short-term.