Bernanke headlines a day of grim warnings about the nationโ€™s fiscal standing

Fed chairman Bernanke issued a grim warning yesterday about the federal government’s overwhelming debt. Key quote:

The national debt is currently about 60 percent of the economy, or Gross Domestic Product, [Bernanke] said, adding that it is projected to reach 90 percent of GDP by 2020 and 150 percent of GDP by 2030. But Bernankeโ€™s citation of $9.5 trillion in national debt didnโ€™t include the $4.6 trillion owed by the government to trust funds for things such as Social Security and Medicare, which have paid out cash to the Treasury in exchange for promisory notes. The full national debt โ€“ when both forms of debt are included โ€“ is already just under 100 percent of GDP, which is currently around $14.6 trillion.

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Senate Rejects Full ObamaCare Repeal but Votes To Kill โ€˜1099โ€™ Provision

By a vote of 51-47, the Senate today rejected a full repeal of ObamaCare. A second vote, 81-17, did repeal the 1099 tax paperwork provision.

No surprises here. This just illustrates the need to throw more of these clowns out of office in 2012. For one thing, many of the 81 Senators who voted to repeal the 1099 tax provision had voted for it only 10 months ago. Have they finally learned to read?

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Florida Judge Rules Against Health Law.

Big news! A Florida judge today has ruled the entire Obamacare law is unconstitutional. Key quote:

In his ruling, Judge Roger Vinson, a Republican appointee, said that the law’s requirement to carry insurance or pay a fee “is outside Congress’ Commerce Clause power, and it cannot be otherwise authorized by an assertion of power under the Necessary and Proper Clause. It is not constitutional.” The ruling also said that the entire law “must be declared void,” because the mandate to carry insurance is “not severable” from the rest of the law. [emphasis mine]

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US judge to rule on Obamacare today

Repeal it already! Another US judge is expected to rule on Obamacare today. Key quote:

The judge, Roger Vinson of the U.S. District Court in Pensacola, Florida, was expected to rule on a lawsuit brought by governors and attorneys general from 26 U.S. states, almost all of whom are Republicans. Obama is a Democrat. The plaintiffs represent more than half the U.S. states, so the Pensacola case has more prominence than some two dozen lawsuits filed in federal courts over the healthcare law.

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Congressional Budget office says Social Security Now Officially Broke

And you still think NASA (or any other federal program) is going to get a lot of money? The Congressional Budget office (CBO) admitted today that Social Security is now officially broke. Key quote:

The CBOโ€™s revenue/expenditure estimates now place the program in permanent deficit. There had been some hope that payroll taxes would recover sufficiently post-recession to put the program back into the black (the theoretical black) for at least a few more years, putting off the day of reckoning for an election cycle or more. No more: The new CBO estimates put Social Security in the red for as far as the eye can see. [emphasis mine]

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