PlastyPAC speaker discusses health care reform, economy
Keith Hennessey, past director of the National Economic Council and former White House economist under President George W. Bush, provided an overview of the current economic climate as well as an analysis of how the new health care reform legislation will impact both the deficit and the long-term economic stability of the United States at the PlastyPAC luncheon on Sept. 24 in Denver.
In his speech, Hennessey expressed concerns about the nation's deficit and how the new health care reform legislation would lead to an increase in debt. He spoke about the deficit metrics and cited statistics showing that while, historically, the average federal budget deficit was at 2 percent, this year's federal deficit will peak at 8.5 percent, which could lead to further economic instability.
Additionally, Hennessey discussed a need for some offset (such as an increase in taxes, increasing the Medicare eligibility age, or a decrease in benefits) to control rising healthcare costs and keep the federal deficit in check. He also said that providers can anticipate slightly slower Medicare and Medicaid spending growth for the next 10-15 years, which could impact physician payment.
Despite these concerns, the Supreme Court will address the individual mandate sometime after the election. Hennessey called this "the wild card," noting that there's no way to predict how they will rule.
The impact of Hennessey's words resonated with much of the audience.
While Mr. Hennessey's speech provided a less-than-rosy outlook on the current economic climate, there were some bright spots in the luncheon. Anne Taylor, MD, chair of the ASPS Government Affairs Committee, presented William Huffaker, chair of the PlastyPAC Board of Commissioners, with the 2011 Outstanding Service Award to recognize his efforts in advocacy on behalf of plastic surgery. Dr. Huffaker has been active in ASPS for many years, and has served in a variety of roles ranging from PlastyPAC Chair to the Government Affairs Committee Chair.
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