President George W. Bush speaks during a news conference at the White House on Jan. 12, 2009.
Posted on 08/16/2010 6:29:09 PM PDT by GOP_Lady
Four years into full operation, President George W. Bush's Medicare prescription drug program is coming in well below its projected cost, giving hope to backers of the new health insurance law that it, too, could beat budget expectations.
The numbers are stark and conclusive: In 2009, the government spent $60.8 billion on the drug benefit, or far less than the annual $111.2 billion cost projected just five years ago, after the program was enacted.
The lower cost - a result of slowing demand for prescription drugs, higher use of generic drugs and fewer people signing up - has surprised even some of the law's most pessimistic critics.
"I'm perfectly willing to say I was wrong," said Robert Moffit, a senior fellow at the conservative Heritage Foundation who fought the 2003 bill as an inevitable boondoggle. "I projected these costs would go through the roof on prescription drugs. I also did not believe private plans would come and offer their wares. Frankly, I'm perfectly willing to say I was wrong."
The prescription drug program, known as Medicare Part D, was enacted at the urging of Mr. Bush, and the full drug benefit took effect in 2006.
(Excerpt) Read more at washingtontimes.com ...
It looks like Karl Rove was right about this. :-)
There’s another story posted tonight that says the Obamacare numbers are already way into the red, so—no, the Bush program coming in at lower cost doesn’t mean The Messiah’s is going to be anything but a disaster.
I agree.
I have to say that even though the numbers are better than expected, this is just another entitlement that continues the U.S.’s downward spiral into Socialism. President Bush should never have pushed this.
It is not socialism.
My parents did not sign up for this program, because they have better benefits.
This was a government program that worked, because of conservative principles that went into it.
It merely subsidized drug payments allowing private firms and manufacturers to collaborate, it used the gap in coverage to encourage people to be thrifty, but still covered them for large expenses on drugs. Gore would have given us a single payer government agency that would have been a nightmare.
It has made a huge differences in millions of elderly and the disabled lives.
I can’t prove it, but I know that providing people with the right medication saves hospital stays....and saves money in the long run.
GWB promised drug coverage in his campaign and delivered on it, in a responsible manner. It is nice to see him vindicated!
Correct.
Correct.
btt
Thanks for posting this!
it’s $60.8 billion too much.
You are welcome.
RESULTS are an important thing. ;-)
Thanks for posting this.
A VERY IMPORTANT ARTICLE to say the least.
President George Walker Bush is far more intelligent, well-read, educated, and competent than most anyone else. He was also far less corrupt than practically any other elected official in Washington, generally putting the interests of the American people at heart. That said, we cannot afford this spending, meager though it may be compared with what we anticipated, especially alongside all other spending that the Congress spends.
It helps explain the profound silence on the program. Now to see if it has helped rein in Medicare costs by keeping seniors healthier longer.
It sound as though you are a socialist.
Bush
Wins
Again
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