Bachmann Offers Big Numbers, Little Proof
Minnesota Republican Says Gov't Controls Majority of U.S. Economy, and She Plans to Repeal Health Care
By David Riedel
(CBS) Updated 3:40 p.m. March 29th
In the past when talking about the health care bill that was just signed into law by President Obama, Rep. Michele Bachmann (R-Minn.) has referred to the bill as "tyranny."
On Sunday, she told "Face the Nation" anchor Bob Schieffer she meant it.
"[N]ow we have the federal government taking over ownership or control of 51 percent of the American economy. This is stunning. Prior to September of 2008, 100 percent of the private economy was private."
Bachmann offered no facts to back up her assertion that the government owns or controls 51 percent of the U.S. economy.
According to the Bureau of Economic Analysis data since 1929, the highest percentage of government spending as a percentage of Gross Domestic Product was during World War II when government spending was 47.9 percent (in 1944). The lowest level of government spending as a percent of GDP was 9 percent in 1929 at the outset of the Great Depression.
(More here.)
By David Riedel
(CBS) Updated 3:40 p.m. March 29th
In the past when talking about the health care bill that was just signed into law by President Obama, Rep. Michele Bachmann (R-Minn.) has referred to the bill as "tyranny."
On Sunday, she told "Face the Nation" anchor Bob Schieffer she meant it.
"[N]ow we have the federal government taking over ownership or control of 51 percent of the American economy. This is stunning. Prior to September of 2008, 100 percent of the private economy was private."
Bachmann offered no facts to back up her assertion that the government owns or controls 51 percent of the U.S. economy.
According to the Bureau of Economic Analysis data since 1929, the highest percentage of government spending as a percentage of Gross Domestic Product was during World War II when government spending was 47.9 percent (in 1944). The lowest level of government spending as a percent of GDP was 9 percent in 1929 at the outset of the Great Depression.
(More here.)
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1 Comments:
MissInformation Bachmann offered some other statements that deserve review.
#1. 3M is taking a one-time charge of between $85 million and $90 million, or approximately 12 cents per share, in the first quarter of 2010 as a result of the health care reform bill.
In essence, they are losing a subsidy for providing drugs to retirees ... the retirees will still get their drugs ... in fact, 3M keeps the subsidy until 2013.
#2. Medical device makers layoffs.
This is a story that Erik Paulsen (R-MN-03) has been pushing. Yes, it's true that "a" manufacturer in Mass. "could" move jobs overseas. But Mr. Paulsen failed to acknowledge that not everybody thinks that.
Mike Frazzette, president of Smith & Nephew Endoscopy in Andover, Mass offered his own assessment “The reality is that we run a global business, and while the United States is our largest market, more than 60 percent of our business is outside of the U.S.” Mr. Frassette continued “The tax will certainly have a big impact, but it doesn’t stop the wheels of progress.”
In fact, the wheels of progress may actually be speeding up as a just released survey indicated 50% of Massachusetts medical device firms plan new hires.
“For the second consecutive quarter, medical device manufacturers remain optimistic about prospects for sales and employment growth in the coming year. Despite the passage of a new and burdensome federal excise tax on medical devices, companies are continuing to design innovative medical products and meet the unmet needs of the health care delivery system worldwide,” MassMedic President Tom Sommer said.
And locally, Medtronic has put out a statement :
"We have no immediate plans to eliminate jobs at Medtronic as a result of the device tax or health care reform. We accept our shared fiscal responsibility for coverage expansion ..."
"In addition to the tax, the bill also includes some positive changes like uniform federal standards for disclosure transfers of value to physicians for product development and training, something Medtronic has long supported. Relationships between physicians and companies like ours help fuel innovation and advance patient care. Also, the new law calls for the creation of a national body to study and compare the clinical effectiveness of widely used medical therapies. This research is designed to help patients and health care practitioners better understand which therapies work best for which patients."
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