Peak Pony averted
Congressional committees have proposed substantial cutbacks in Medicaid and Medicare, the nation's largest health insurance programs, which together cover more than one-fourth of all Americans.The problem is, this plan could lead to irrational pony exuberance. If Democrats say "they sold out old people and the people who need health insurance most o pay for tax cuts for the rich and an unpopular war," they may speculate too heavily in ponies, driving prices beyond their real value. When the bubble bursts, who knows where our vast pony herds will take us.
The two houses of Congress are expected to approve the changes in the next two weeks as part of competing bills to slow the growth of federal spending. Negotiators from the two chambers would then try to work out the differences.
The House bill would take all of its savings from Medicaid, the program for low-income people, while leaving Medicare, the program for those 65 and older and the disabled, untouched, as the Bush administration wants. By contrast, the Senate bill would squeeze savings from both programs.
My advice, use only as much pony as you need. It's clear that the Republican party plans to ensure a stable supply of ponies from now until election day.