Xinhua News Agency Interviews Wottrich: Obama’s health care bill an enormous fiscal burden for U.S.

CHICAGO, March 24 (Xinhua) — The new health care bill signed by U.S. President Barack Obama on Tuesday is a major historical victory for the Democrats, but merely a victory of ideology, says a U.S. expert on Wednesday.

The new bill represents an enormous increase in cost for Americans both in individual taxes and deficit of the country, said Richard L. Wottrich, managing director of International at Dresner Partners, an investment banking firm based in Chicago.

“The 2009 report on the unfunded liability of social security and Medicare shows a 107-trillion-dollar deficit. Now the Obama administration puts 32 million people into Medicare and Medicaid, and a portion of this is unfunded mandate for the states,” he told Xinhua.

As a result, Wottrich said about 17 state attorney generals are going to sue the federal government against the new health care bill.

“Most people agree that health care needs some reforming. However, the long-term cost of this health care bill, on top of all the other deficit spending, represents an enormous fiscal burden for this country.”

(Balance of article)