Political Cortex: Brain Food for the Body Politic

"Krugman described the `despair' that Obama has apparently settled on a financial plan that, in essence, assumes that banks are fundamentally sound and that bankers know what they're doing.  It's as if the growing perception that he and his economic team are out of touch, that their economic vision is clouded by excessively close ties to Wall Street."

That link to Wall Street that the Obama administration has forged is hardly the change platform he ran on with such vigor.

The Republican administration plowed through an emergency $700 billion plus bailout package, claiming the entire U.S. credit market could collapse if this emergency play wasn't rushed through.  It was rushed through so fast that caps were not put on bonus payouts to the administration's banker buddies.

And then came Obama promising change!  Obama rushed the second $700 billion plus bailout through so fast that congressional members were given the 1,070 pages of this second budget breakdown the same day their votes were expected.  And like the Republicans, no caps were put on bonuses for executives.

Apparently there is no law requiring that budgets be presented to Congress that allow adequate time to read and evaluate before signing.  Such a far reaching document burdening the U.S. taxpayer for funding a $700 billion plus bailout must be given sufficient time for analysis.

Strangely, when Obama was taking bows for putting the brakes on excessive credit card charges, he wisely advised everyone to read the fine print.

Why didn't he allow Congress sufficient time to read the $700 billion plus bailout package?

The change Obama has recommended for Medicare and Medicaid is to cut $330 billion.  This significant cut might help fund insurance coverage for the uninsured.  

Legislation apparently passed during the Bush administration that took effect January 1, was explained in the June 16 Wall Street Journal as Amy Merrick wrote the following:

"More than one million people rely on Medicare to pay for home oxygen therapy.  Now some patients are running into problems switching their suppliers because of complex new rules the federal insurer uses to pay for the services.

"Under the new rules, which began to affect patients January 1, Medicare will pay suppliers at its prevailing rate for the first three years, after a patient begins coverage.  Suppliers are then required to continue providing oxygen services to patients for another two years at a sharply reduced payment.

"After that patients are entitled to receive new equipment and Medicare will resume paying suppliers at the higher rate."

But the problem is simply:  What happens if that 2-year period when Medicare demands a sharply reduced rate, if the oxygen supplier balks, refusing to accept the sharply less fees Medicare establishes?

Obama has suggested a way to pay for the uninsured  --  That is to tax anyone who is working and gets health care coverage.  If a tax was paid on that coverage, it might help pay insurance for the uninsured.

Another Medicare cost cut is under consideration.  On June 16, a Wall Street Journal article explained in depth the following:

"New research has intensified in an already fiery debate about the value of PSA screening, a blood test to measure prostate-specific antigens (a protein secreted by the walnut-sized prostate gland to liquefy semen) a higher than normal level may signal prostate cancer, the second leading cancer killer of men, expected to claim 272,000 lives this year.  It strikes 1 in 6 men during their lifetime."

The PSA test usually costs $100.  Is it worth $100 to spare men from suffering a painful prostate cancer death?

Already senior citizens and Medicare patients now operate under a real disadvantage.  Doctors who accept Medicare and Medicaid patients have been cut down 20 percent on fees they can charge.  Now many doctors refuse to accept Medicare or Medicaid patients.