Nothing’s free with the government

Buying into the Medicaid expansion program is a fool's dream. In the July 10 Gazette editorial, you state that the federal government would pick up most of the tab. This is exactly the mentality that got us into our current financial mega mess.

The federal government has three sources of revenue: income tax, printing press and borrowing. If you print extra money willy-nilly, you get escalating inflation, not good. If you raise taxes too much, you kill our feeble “recovery.” A $16 trillion national debt should give one pause as they belly up to the lending window. Half of what the feds spend is borrowed money now; I don't think we should try for more.

If Obama gets everything he wants in his “tax the rich” crusade, the annual extra revenue would be $85 billion. Sounds like a lot? Sure it does, but not so much when you become aware that the federal government spends $85 billion every eight and a half days. There is no free lunch, someone always pays. The “picking up the tab” promise is one that is easily broken, as I'm sure it will be. No Congress is bound by the actions of a previous Congress.

Gary Sargent

Cedar Rapids