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Who You Going to Believe, CBO or an Ignorant/Lying Congressman?

Let’s have a little contest folks on what the D in DCCC stands for in honor of Congressman Steve Israel’s (head of the DCCC) moronic comments on CNBC yesterday.  Some of my favorites are delusional, denial, and drugged.  Post some of your own in the comments section.  The winner gets and all expense paid vacation to the office of Debbie Wasserman Schultz!

Here’s the video of Steve Israel on CNBC where he says “Medicare is not going bankrupt”.  The reaction of all of the hosts, Michelle Caruso-Cabrera, Larry  Kudlow, and even Andrew Ross Sorkin (former NY Times writer) was nothing short of  stunned amazement.  Watch for yourselves”:

Steve Israel points to the non-partisan CBO (Congressional Budget Office) to justify his comments.  Obviously Israel hasn’t read the CBO report or worse yet, is intentionally lying about what the report says.  Well here’s what the CBO report says about Medicare : “CBO projects that this trust fund will be depleted to zero during the 2013–2022 period. However, in keeping with the rules in section of the Deficit Control Act of 1985, CBO’s baseline incorporates the assumption that payments will continue to be made after the trust fund has been exhausted, although there is no legal authority to make such payments.”  The full report can be found here: http://www.cbo.gov/sites/default/files/cbofiles/attachments/01-31-2012_Outlook.pdf.

Here is the pertinent table from the CBO report for all to see that the program is going bankrupt: (Click on table to enlarge)

image

Source: Congressional Budget Office.

Notes: Negative numbers indicate that the trust fund transactions add to total budget deficits.

* = between -$500 million and $500 million.

a. CBO projects that this trust fund will be depleted to zero during the 2013–2022 period. However, in keeping with the rules in section 257of the Deficit Control Act of 1985, CBO’s baseline incorporates the assumption that payments will continue to be made after the trust fund has been exhausted, although there is no legal authority to make such payments.

b. Includes Civil Service Retirement, Foreign Service Retirement, and several smaller retirement trust funds.

c. Consists primarily of trust funds for railroad workers’ retirement, federal employees’ health and life insurance, Superfund, and various insurance programs for veterans.

d. Includes interest paid to trust funds, payments from the Treasury’s general fund to the Supplementary Medical Insurance Trust Fund, the federal government’s share of payments for employees’ retirement, lump-sum payments to the Civil Service Retirement and Military Retirement Trust Funds, taxes on Social Security benefits, and smaller, miscellaneous payments.

So there is it folks, in black in white from the CBO-The Medicare Trust Fund is bankrupt!   Either Steve Israel is completely ignorant regarding the solvency of Medicare or he is outright lying.   Whichever it is, the CNBC video combined with the facts put forth in the CBO report clearly demonstrate that he has outlived his uselessness as a member of Congress.  So the next time you see
Congressman Israel’s lips moving, you can be pretty sure he’s not telling the truth.  It’s time for people in the 3rd Congressional District of New York to send Congressman Israel a pink slip in November.

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