At a time when such emphasis is being placed on President Obama's health care plan, consider defining moments of past legislation. What did the passing of Medicare, Medicaid, Social Security and even the recent prescription drug program created under the Bush Administration, have in common? First of all, each initiative earned bipartisan support and has become very popular. Second, and perhaps most important, they have yet to come close to their cost projections. In fact each program is spearheading our country toward bankruptcy!
A new entitlement program
Now Congress votes in another entitlement program which is quite a contrast from the past when it comes to the Obama health care plan. Not only are the concepts unpopular and fiercely partisan, the plan isn't likely to leave people feeling like they've benefited or that there is a better day ahead when it comes to health care. My question is this–if the social issues being presented are indeed as important as the Obama Administration is making them out to be, then why weren't they presented so that there was a very clear up or down vote that could be easily explained over a cup of coffee?
The subject may be generating conflicting headlines, and time will tell if Obama is right–let's hope he is or we are in bigger trouble. In the meantime, this time of anxiety offers a great opportunity for those of us in the financial planning profession.
