The most significant federal entitlement reform in our lifetime was a little noticed provision that Democrats included in the Affordable Care Act (Obamacare). The provision garnered almost no attention from the mainstream media or even from most conservative commentators. Yet according to the Medicare Trustees report that followed, this one provision eliminated $52 trillion of unfunded federal government liability an amount that was more than three times the size of the US economy.
Here is a second surprise, one that has also been almost completely ignored. In last weeks bi-partisan budget agreement, Republican members of Congress agreed to completely undo the Democrats reform recommitting the federal government to trillions of dollars of entitlement spending for which there are no dedicated future revenues.
|John C. Goodman is a Senior Fellow at the Independent Institute, President of the Goodman Institute for Public Policy Research, and author of the widely acclaimed Independent books, A Better Choice: Healthcare Solutions for America, and the award-winning, Priceless: Curing the Healthcare Crisis. The Wall Street Journal and the National Journal, among other media, have called him the Father of Health Savings Accounts.|
|Thomas R. Saving is Distinguished Professor, Jeff Montgomery Professor, and Director of the Private Enterprise Research Center at Texas A&M University.|
Obamacare remains highly controversial and faces ongoing legal and political challenges. Polls show that by a large margin Americans remain opposed to the healthcare law and seek to repeal and replace it. However, the question is: Replace it with what?