During the downturn, federal revenues plunged and spending soared. And, as will happen for two decades, every day 10,000 more baby boomers are joining the ranks of recipients of Medicare and Social Security, two programs with unfunded liabilities of nearly $107 trillion.
In the context of this concatenation of troubles, the administration's highest priority was to put an enormous new healthcare entitlement on the welfare state's rickety scaffolding. Why? Because the liberals' lunge to maximize government's growth depends on quickly creating a crisis that can be called a threat to the entitlement menu, and to the currency as a store of value. Then the public can be panicked into accepting the addition of a VAT to the existing menu of taxes."