Tuesday, February 03, 2004

I Told You So!
On November 25, 2003 I wrote

Well, Congress has passed [the Medicare Drug Plan] and obviously Bush will sign it. My guaranteed, take it to the bank, lock-of-the-day is that this will end up costing more than the projected $400 billion in the first 10 years.

I just thought it would take more than two months and four days for my prediction to come true. Further proof that the government mangles everything it touches.

The White House has concluded that adding prescription drug benefits to Medicare will cost one-third more than the $400 billion advertised by Congress and the administration when President Bush signed the bill into law less than two months ago, federal sources said yesterday.

That is an extra $134 billion in taxes. And keep in mind that the estimate for the second decade was $1.2 to $2 trillion. I'm sure that will be going up soon too.

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