Patsfanin Philly

From tonight's speech and the text is from Huffington Post....

Obama Health Care Speech: FULL VIDEO, TEXT
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“And if we are able to slow the growth of health care costs by just one-tenth of one percent each year, it will actually reduce the deficit by $4 trillion over the long term.”

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If 1/10 of 1% is $4 trillion, then 1% is $40 Trillion and the total amount would be $4000 trillion dollars!!!!!!

1/10 of1% is a dime on $100.
If they could reduced that much, they would have enough to balance the budget and pay off the national debt…..

DaBruinz

Umm.. Not that I care what he says.. But you've got it mixed up..

The 1/10th of a percent savings will AMOUNT TO $4 trillion in defecit reduction over x number of years. Though he doesn't specify the time frame.

Patsfanin Philly

Even if x is twenty years, it doesn't make sense.
$4 trillion over 20 years is $200 billion per year. If 1/10 of 1% is $200 Billion,
then the total savings is $200 Trillion dollars which is 4 times the size of the entire economy!!
What is his source...???

Real World

If you're waiting for Obama to be specific, you'll be waiting a very, very long time.

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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him."
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DaBruinz

Where are you getting YOUR math from??? Go back and read what you wrote.

"And if we are able to slow the growth of health care costs by just one-tenth of one percent each year, it will actually reduce the deficit by $4 trillion over the long term."

First of all, right or wrong, he's saying its a REDUCTION in the growth of health care costs. THAT is the 1/10 of 1% he's referring to. And he's probably doing it in a reverse amortization ( i think that's the phrase). In other words, Lets say that health care costs are growing at 5%... Next year it would only grow 4.9%. And then the next would only be 4.8%. Etc etc. And then, he's probably taking that amount that it didn't grown and adding it all together. What he doesn't realize is that isn't money you actually have in hand..

Without having an actual timeline, there is no telling how long he's referring to get the $4 trillion in reduction.

ljuneau

You have to realize, we are living in the days of Obamanomics. A time when a solution to a problem doesn't have to make financial sense, common sense or any sense at all. It just has to sound great in a speech - all hot air and no substance.

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BelichickFan

Short of assuming he meant about 1,000 years by "long term", the only way that can possibly make any sense is to take the current rate of growth and reduce it by .1% as opposed to some projected rate of growth. In other words say the rate of growth is now 10% per year and he projects it will increase by 10% each year that would be 10% growth compounding annually compared to it dropping from 10%.

Of course, the other issue with this is he's not proposing anything to reduce the costs of health care. By not talking about real tort reform, no mention of insurance across state lines, forcing insurance to cover anyone presumably without higher rates based on risk, health care costs will not go down.

Fogbuster

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Just more shuck and jive from the Obamanistas. A pitiful, yet dangerous, lot. They'll have us eternally in hock to China if we do nothing to prevent it.



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Patriot_in_NY

Yeah, what he neglected to tell us that x = 746 years.

Actually by this part of the speech, I was just giggling. I didn't get to all out laughter until the Fearmonger-in-chief told us that "We need to pass this crappy bill, OR PEOPLE ARE GOING TO DIE". I guess that "end of life" counselling will come in handy after all.

Although, I did get a little misty eyed when he evoked the "ghosts of Tedy". That was touching.

Seriously, The number of out and out falsehoods in this speech was POSITIVELY stunning. This 4T savings one was just one of many. You know when the AP and Yahoo say's Obama is full of CRAP, something is seriously amiss.

wistahpatsfan

It can't be about money anymore. Both houses of the Republicrat Party have shown a blatant disregard for the currency, numbers and math. We've been on a deficit spending road for a long time. The only thing our myopic, ADD-limited consciousness can fathom is what's happening right now, and that goes to Obama by default, so it's his fault. Never mind the deficit spending that's been going on since Kennedy was shot.

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