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Here are some news stories and articles which might be of interest to you. I've posted the opening section, and if you want to read more, you can click on "Read the whole article" to go to the original item. You'll find a variety of things here -- current news, political analysis, opinion pieces, articles about religion -- things I've happened to read and want to share with you. It's your Reading Room, so take your time. Browse. You're certain to find something you'll want to read.

Wednesday, October 14, 2009

The Baucus Bill Is a Tax Bill

Middle-class families would get hit with a double-digit increase in their marginal tax rate.

by Douglas Holtz-Eakin

Remember when health-care reform was supposed to make life better for the middle class? That dream began to unravel this past summer when Congress proposed a bill that failed to include any competition-based reforms that would actually bend the curve of health-care costs. It fell apart completely when Democrats began papering over the gaping holes their plan would rip in the federal budget.

As it now stands, the plan proposed by Democrats and the Obama administration would not only fail to reduce the cost burden on middle-class families, it would make that burden significantly worse.

Consider the bill put forward by the Senate Finance Committee. From a budgetary perspective, it is straightforward. The bill creates a new health entitlement program that the Congressional Budget Office (CBO) estimates will grow over the longer term at a rate of 8% annually, which is much faster than the growth rate of the economy or tax revenues. This is the same growth rate as the House bill that Sen. Kent Conrad (D., N.D.) deep-sixed by asking the CBO to tell the truth about its impact on health-care costs.

To avoid the fate of the House bill and achieve a veneer of fiscal sensibility, the Senate did three things: It omitted inconvenient truths, it promised that future Congresses will make tough choices to slow entitlement spending, and it dropped the hammer on the middle class.

One inconvenient truth is the fact that Congress will not allow doctors to suffer a 24% cut in their Medicare reimbursements. Senate Democrats chose to ignore this reality and rely on the promise of a cut to make their bill add up. Taking note of this fact pushes the total cost of the bill well over $1 trillion and destroys any pretense of budget balance...   Read the whole article.

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Fr. Phillips is the founding pastor of Our Lady of the Atonement Catholic Church, the first Anglican Use parish, established on August 15, 1983. Not that there is any confusion, but he is on the left, shown in his younger, less gray-headed days.