Kathleen Sebelius, the secretary of health and human services, said she had concluded that premiums would be so high that few healthy people would sign up. The program, which was intended for people with chronic illnesses or severe disabilities, was known as Community Living Assistance Services and Supports, or Class....A Ponzi scheme! I guess it was terrible of Conrad to call it a Ponzi scheme at the time, but now the administration is admitting that no matter how hard they try, they just can't disguise the fact that it's a Ponzi scheme.
"We have not identified a way to make Class work at this time," Ms. Sebelius said. She said the program, which had been championed by Senator Edward M. Kennedy, Democrat of Massachusetts, was financially unsustainable....
When Congress was developing the program in late 2009, Senator Kent Conrad, Democrat of North Dakota and chairman of the Budget Committee, described it as "a Ponzi scheme of the first order" because it required an ever-increasing stream of premiums to cover the cost of benefits.
The question remains: What are the other Ponzi schemes, the ones you're not yet forced to admit are Ponzi schemes?
Realize that the Class Act was portrayed as a source of revenue in the calculations about the feasibility of the entire health care reform. To go back to that Firedoglake post (discussed earlier today here):
[I]n deep-sixing the CLASS Act, the Administration just forfeited $86 billion in savings on the Affordable Care Act. [...]
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