Thread: Obama Condemns 10% of America to Never-ending Poverty

Vice President Joe Biden, "Well, it's a depression - it's a depression for millions of Americans"

Obama Condemns 10% of America to Never-ending Poverty

By Fred Dardick
Wednesday, October 21, 2009

Vice President Joe Biden had some pointed words about the economy this week. He quoted his grandfather when he said “When the guy in Minooka’s out of work, it’s an economic slowdown. When your brother- in-law’s out of work, it’s a recession. When you’re out of work, it’s a depression.â€

It is estimated that nearly 20% of the Medicare budget is lost each year due to fraud - false claims, phony doctors and the like. This comes out to almost $50 billion in 2008 alone. The haphazard nature of the Obama stimulus package will surely follow the same path. It would not be surprising if upwards of $100 billion of the stimulus package or more will be flat out stolen by politically connected insiders.

If it's 20% of medicare, how much is lost due to medicaid fraud? I'm willing to bet it's a heck of a lot more.