Political Quotes

“the topic I wish to address is the CLASS Act repeal being taken up by the House. I understand the HHS Secretary has indicated that from her point of view the CLASS Act will not work, and this is music to my ears. During the Obama health care debate, one of the revenue raisers was the CLASS Act wherein the Federal Government would be in the long-term health care insurance business and, supposedly, would collect premiums over a decade that would allow something like $80 billion in revenue that would help pay for Obama health care. However, eventually we would have to honor the payments due to the people on the program. Senator Conrad from North Dakota called the CLASS Act a Ponzi scheme of the first order because what we would be doing under the program is collecting premiums for an insurance product and using the money to help pay for Obama health care. So when people are ready to get the services they have paid for, there would be no money in the program to pay them because it was used to offset Obama health care costs. It is just not a practical idea. The costs would explode over time. There would be adverse selection. So it was an ill-conceived idea. The House is going to repeal it. The HHS Secretary said they would not implement the program.…”