Posted on 03/18/2011 2:11:08 PM PDT by Nachum
(CNSNews.com) -- Former House Speaker New Gingrich (R-Ga.), a likely 2012 presidential candidate, told CNSNews.com today that he does not regret supporting the enactment of the Medicare prescription drug plan which now presents the federal government with a $7.2 trillion unfunded liability.
An unfunded liability is a benefit the federal government has promised to pay that is not matched by tax revenue to fund it and thus represents an anticipated increase in the national debt.
(Excerpt) Read more at cnsnews.com ...
From the taxpayers pockets to the coffers of the drug companies, make possible by the Fed Govt.
Why is it all these Republican hopefuls are sounding so wishy washy? Same thing with the GOP leadership in congress, they ran on getting rid of Zer0care and now they seem to be backing off. The Tea Party members are seemingly being left to twist in the wind.
FUNG!
... a likely 2012 losing 2012 presidential candidate...
There, I fixed it. Go away Newt, you RINO!
Is this the President Bush must have prescription drug plan.....another 7 trillion on to the deficit. Wonderful. Now he is up to 12 trillion dollars that he alone put on the debt (he added 5 trillion during his presidency and he should get credit for this 7 trillion too).....of course that is only if this story is true. He sure did have his socialist ways.
*FDR and the Dems gave us SocSec.
*LBJ and the Dems gave us Medicare.
*Bush and the GOP gave us govt drugs.
*Obama and the Dems gave us Obamacare.
Liberal socialism at its best. What’s next, Newt?
This bashing of corporations is not even funny any more. Socialists have painted the world in the colors of their choice and you have swallowed it lock-stock-and-barrel.
Firstly, drug companies are not particularly profitable. They are made scapegoats, just as oil companies, by the Left, because it is easier to entice your hatred. You can go to Yahoo and check the profitability of drug companies --- and oil companies, while you are at that.
Secondly, what coffers are you talking about? You are still thinking of corporations as if this were 19th century of robber barons. It is not. Drug companies are owned by tens, if not hundreds, millions of Americans, especially retirees, widows and orphans. That is who holds the "coffers" of drug companies. If you have a 401K, IRA or a share of a mutual fund, chances are you own drug companies, Citi, BP, and insurance companies such as AIG.
Does it make you suspicious that you are angry at precisely what the leftist scum wants you to be angry at --- American corporations that have made us prosperous and doubled our lifespan in the 20th century? Does it borher you at all that you repeat, however accidentally, the same mantra that they peddle?
Did he mention Callista? He says her name about 40 times when Hannity interviews him for 5 minutes on the radio. I like Sean Hannity but he loves RINO scum.
I’d say it’s the male GOP hopefuls. Nothing wishy-washy about Palin or Bachmann.
He also sits on couches with Nancy Pelosi and Hillary Clinton.
I wouldn’t go to the same building with either in it.
You are over newt,
Go find another younger sportier richer model there pal.
NO more RINOs.
Proof of the current republican leadership , they like spending just as much as the democrats. They were really happy during all of that lame duck spending. Hogs knee deep in slop.
I won’t regret not voting for the RINO Gingrich.
I thought that it was law that Congress couldn’t pass a spending resolution without the revenue to support it.
I thought that it was law that Congress couldn’t pass a spending resolution without the revenue to support it.
Before going off the deep end, I strongly encourage you to reread my comments, very, very carefully.
I was blasting the federal government for this program. The drug companies are merely the beneficiaries, but not the perpetrators.
No need to going nuclear on me, TopQuark.
“drug companies are not particularly profitable”
Unfortunately, in absolute terms, they are. Of the top 12 publicly owned pharma firms, profits in 2010 were at double-digit levels with very few exceptions, regardless of whether profits were measured as a percent of revenues, assets or stockholder’s equity.
2010 figures here:
http://money.cnn.com/magazines/fortune/fortune500/2010/industries/20/index.html
What IS true, but rarely successfully conveyed to the general public, is that pharma is much riskier than other industries. Therefore, the cost of capital is higher (pharma has to pay higher dividends to stockholders or interest on debt in order to persuade investors to put their money into the industry). CBO and others have done careful studies showing that once you account for this higher cost of capital—reflecting the higher volatility of returns—pharma’s profits are only a teensie bit higher than what would be expected compared to less risky industries.
Thanks Nachum.
I shudder to think how much worse Obama would have to get to lead me to throw up my hands and vote for Gingrich for President.
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