ATLANTA, Ga. – Crown Financial Ministries CEO Chuck Bentley said that Congress now has the opportunity, if they decide to revisit the problems with the American healthcare system, to make “the kind of financial plan needed to safeguard the solvency of the United States.”
Bentley made the following statement after the Supreme Court’s ruling in the healthcare case: “People may disagree about whether the federal government should direct such a large segment of the economy through regulating healthcare, but most of us will agree that whatever policies we enact as a nation should include understandable projections of cost.
“Governments need the structure of a budget just like any family, and it should be of grave importance to all that our government organizes its funding so that all programs are paid for — and not by running up the national debt or printing valueless dollars. Going forward, the very real concerns Americans have with our healthcare system must be balanced with payment structures that work.”
Recently, the sometimes non-partisan Congressional Budget Office issued a warning that by the end of the year, the U.S. federal debt will reach 70 percent of GDP. That’s the total value of all goods and services produced by every man and woman in America. Just 4 years ago, U.S. debt was only 40 percent of GDP. Without significant reductions in government spending, the CBO says our debt could reach 200 percent of GDP in 25 years.
Federal tax revenues for fiscal year 2012 are projected to be $2.5 trillion. The government will spend, however, close to $3.6 trillion this year, adding another $1.1 trillion to our national debt – now $16 trillion and rising. That is before adding in any government-run healthcare system.
Consider this simple math. Using the CBO’s estimates reduced to a household level an unsustainable budget emerges:
Family Income: $25,000 a year.
Family Spending this year, $36,000
Unsecured debt increase in 2012: $11,000
Total Unsecured debt now: $157,000
“It is important in the coming debates on how to address healthcare concerns that we also make plans for how to pay for our policies,” said Bentley.
Crown is well known for its strategic tools that help people survive and thrive in tough economic circumstances. In his recent book, The S.A.L.T. Plan, Bentley offers analysis and details concrete steps that people, businesses and even nations can take to prosper despite the current economy. For more information, go to: www.crown.org
Crown Financial Ministries, a non-profit, helps people and businesses integrate their values into business practices, debt reduction, and financial decision-making. For more than 35 years, Crown has been offering economic analysis and advice based on timeless truths. Theirs is a strong, international grassroots organization with offices in the U.S. and overseas. Crown experts work one on one with individuals and business leaders, as well as through workshops and seminars, teaching people how to build on a strong foundation that includes the business principles and practices found in the Bible. It is well known for its cutting edge materials first developed by its founder, the late Larry Burkett. For more information, go to www.crown.org or call 800-722-1976.