Watching President Obama's Press Conference on Health Care, I spent much of my time with my mouth hung open with disbelief. For fun, I decided to elaborate on one of the Commander in Cheif's answers to the question 'Have you informed Congress on how to pursue Health Care reform.' Of course he answered as if the question was "How will you pay for Health Care" were asked, but oh well, it's all politics and semantics, right?
The President stated that 2/3s of his Health Care Plan was deficit neutral because tax revenue would be shifted from one area to another. He'd make everything more efficient in order to make this happen. All right, I doubt that will work, but let's say it will to humor the President. For the rest of the answer, he touted that taxes and sacrifices will only pay for the other 1/3. Over and over again. the President referred to the 'small' 1/3 of Health Care reform that people will have to pay for. But let's take a step back...
The Health Care Reform Bill will cost approximately 1.5 Trillion dollars, right? Okay, so the 1/3 of the cost that the rich will pay has been lauded by the Pres., correct. Well, if the President can do simple mathematics, that is $500,000,000,000, or 500 Billion. Wow, that's a lot. Wait, don't freak out yet, divided by a bunch of rich people that can't be too much, right? Right?
Well, the President says that he only wants to tax those who make over one million dollars a year. Okay, sounds good, but how many people in the US make over a million bucks? Not having a net worth of one million or more, but have an annual income of $1,000,000 or more. According to Leonard Beeghley, a Professor of Sociology at the University of Florida, .9% of the richest people make $350,000 annually. Well, that's still not quiet one million, so let's say that approximately .3% of the US population makes $1,000,000. I don't know the actual number, but I'm being kind and saying .3% instead of the more likely .25 or .2%.
All right, lots of math will bring a big payoff, so just a little more... There are approximately three hundred million people living in the United States. .3% of 300,000,000 is nine hundred thousand people, or 900,000. Okay, the big payoff: the five hundred billion dollars divided by the nine hundred thousand people who would pay for it is... $555,555.56 over ten years.
So in other words, if President Obama actually gets those making more than one million dollars annually to pay for health care, they will pay approximately $560,000 each.
Yes, my fellow Americans, President Obama cannot do math if he thinks this is viable.
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