March 14, 2012
Looks Like We're Facing $2 Trillion (Plus) For a Decade of Expanded Health Coverage Under ObamaCareTopics: Political News and commentaries
That's $2 Trillion ... not the $900 billion promised by Obama, and more likely than not -- given all the health reform budget gimmicks President Obama signed off on ... the number will keep growing!
Peter Suderman explains:
Early in the process of drafting the recent health care overhaul legislation, Democrats realized that they had a spending ceiling: Somehow, they would have to coax the official price tag of the final legislation down below the trillion dollar mark. So they started bailing. They threw out a proposed update to Medicare's physician's reimbursement system and fiddled with the numbers until the headline figures were in an acceptable range. In a major speech, President Obama promised the law would cost "around $900 billion over 10 years," and the final tally was close enough: According to the Congressional Budget Office, the gross cost of the law's health coverage provisions came in at $938 billion for the first decade.Keep reading here.
But what Democrats didn't highlight was that the first decade as scored by the CBO was not actually the first decade in which the law was fully operational. The major coverage provisions do not kick in until 2014, and neither do the associated costs. Yet the CBO started the clock on its cost estimate in 2010, meaning that the initial estimate really only looked at the cost of six years of coverage (2014 through 2019). As I pointed out several months before the law passed, the true cost of paying for the law's coverage expansions over a full decade was more like $1.8 trillion -- well above either the unofficial ceiling in Congress or the president's public estimate.
Now that we're closer to 2014, those costs are plain to see. Indeed, the cost of a full decade could hit $2 trillion. ...
Meanwhile, a new report by the nonpartisan Congressional Budget Office states that by 2016, Obamacare will result in 4 million people fewer people getting health insurance coverage from their employers. As Keith Koffler points out, the estimate is a vast increase from the CBO prediction just a year ago that 1 million would no longer obtain coverage from their employers ... and it raises substantial questions about the veracity of one of Obama's key pledges in selling the health care law -- that everyone who wants to keep their current health insurance plan and doctor could do it.
And as the cost of Obamacare continues to climb, the increase in our national debt during 1141 days of the Obama Administration has reached $4,872,146,580,769.36 ($4,270,067,117.24/day).
Posted by Hyscience at March 14, 2012 2:02 PM
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