Ted Kennedy’s Class Act Long Term Care Insurance Push

Back in 2009-2010 when the Obama administration was trying to ram a known proven health care scam down America’s throat , buried in the 1-million pages of legislation was a provision know as the Class Act Long Term Care Insurance amendment that would have given small benefits for a large price.  The idea was the from John F. Kennedy’s brother, Ted Kennedy.  While he was know as the lion of the Senate, he was most famously know for the death of his girl-friend at Chappaquiddick, MA where he drunkenly drove his car into a river drowning this poor lady and not telling any one about if for 10+ hours!

Somehow Ted Kennedy road his brother JFK’s coattail and avoided any legal trouble and went on to become Senator of Massachusetts.  Once in the Senate, he was famous with coming up with fantasyland ideas such as The Class Act Long Term Care Insurance program who’s numbers never matched up with real life and would go bankrupt in just five years.  Silver spoon politicians such as Ted Kennedy never had to deal with real world consequences such as Chappaquiddick so were enabled to come up with foolish ideas that don’t work in the real world.

JFK on the other hand was a supply side economic President and real-life hero during WWII.  Ted left a young women to drown and JFK saved his fellow Naval officers buy pulling the to safety after a Japanese ship had rammed their boat.  Ted Kennedy benefited from his brother’s success by winning elections but rarely help pass any policies that benefited blue-collar America.  Thankfully, the Class Act Long Term Care Insurance program was removed as people realized that it was just another foolish hair-brained idea from Ted.

Long Term Care Insurance is important to plan for, no doubt, but waiting on some foolish politician to come up with a program that will actually help you is a fool’s errand.  Take control of your own future and plan for yourself because one the politician has your vote, you’ll never hear from them.

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JOHN F. KENNEDY AS A SUPPLY SIDE ECONOMICS PERSON

JFK Economics

President John F. Kennedy believed that Congress needed to lower taxes in order for the economy to expand and generate more jobs. Kennedy was of the view that when people had more money, they spent it, which generated more economic activity and thus tax receipts. Income tax cuts were indeed one of the biggest priorities for his presidency. And even though he pushed for it throughout his short time as president, the first round of his proposed tax breaks was not passed till February 1964, 3 months after his death.

Kennedy’s fiscal policy views proved that he was an avid strategist. Lower tax rates actually lead to increased tax revenues. In 1961, the collective tax revenue was $94 billion. By 1968, it had shot up to $153 billion. And that wasn’t all. Lower tax rates contributed to a reducing unemployment rate, mostly due to increased consumer spending and businesses that were spending the money they saved to hire works and invest.

In 1964, the GDP (Gross Domestic Product) grew at a rate of 5.8%. The following year, it went up to 6.5%, and then 6.6% the year after that. People had increased confidence they would find jobs, and there was a general optimism that the economy would continue to do better.

According to Ira Stoll, editor of JFK, Conservative, President John F. Kennedy wanted to effect tax cuts because doing so would improve incentives to work, save, and invest. He simply understood that people responded to incentives, and planned to continue with a systematic series of future tax cuts throughout his presidency.

Kennedy, unfortunately, didn’t live to see his tax plan executed. We never will know how far these cuts would’ve gone under his presidency. But we know that future presidents, including Ronald Reagan and then George W. Bush, implemented the same policy on tax reforms, and obtained remarkable results. One sure thing Kennedy did while in office was promoting sensible policies that were hard-geared to turn the economy around.

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