Whether you’re for or against President Obama’s health care reform, there’s one thing we’re all in the same boat on: the price tag.
You might want to strap on a life vest.
An online Newsweek article reveals the Congressional Budget Office’s recent estimate of Obama’s budget, which included the health care program.
“From 2011 to 2020, the cumulative deficit is almost $10 trillion. Adding 2009 and 2010, the total rises to $12.7 trillion. In 2020, the projected annual deficit is $1.25 trillion, equal to 5.6 percent of the economy (gross domestic product). That assumes economic recovery, with unemployment at 5 percent. Spending is almost 30 percent higher than taxes. Total debt held by the public rises from 40 percent of GDP in 2008 to 90 percent in 2020, close to its post-World War II peak.”
It’s clear in the coming years the national budget –- and corresponding debt –- could severely affect all of us. What’s worse, America’s woes could impact more than just the USA, as we’ve seen financial ripple effects spread globally.
Even with signs of economic recovery, the future looks anything but balmy. You can find calm waters and pull yourself ashore with smart financial planning.
Take advantage of tax-advantaged retirement savings now. Find out how you can protect yourself so you never have to lose again.
Give yourself an antidote to the future side effects of costly health care reform today.
Isn’t It Time You Became Wealthy?
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