The bill is coming due for Obamacare and it's a whopper. According to Medicare's own actuaries, U.S. healthcare spending is about to rocket.
Federal meddling in what was once the finest and most cost-effective healthcare system on the planet is nothing new.
Back in the 1960s, many Americans paid for doctor and hospital services out of pocket or through modestly priced private insurance. Healthcare spending was approximately 6 percent of GDP.
Enter President Johnson and Medicare. He bought millions of votes by giving seniors free healthcare that they never paid for through payroll taxes during their working years. Although insidious, he helped lay the foundations for the entitlement state with Medicaid. The latter, first conceived to help poor children, has been gradually expanded to include many working families.