Published in Bloomberg today:
If U.S. President Barack Obama wins re-election, let him thank his lucky stars that entitlements are out of control. If Medicare was capped and couldn’t shoot up automatically, unemployment would probably be in double digits.
Out-of-control health-care spending is the only stimulus the Republicans can’t stop. What else is there? Go out late at night in some of the darkest American cities. Whether it’s Cleveland, Baltimore or St. Louis, it seems the only thing left to light up the gloom is a big hospital, shining like a 12-gated city, inlaid with MRIs like precious jewels, and for that we can give thanks to Medicare and Medicaid.