ObamaCare: Twice as expensive as promised, and getting worse
The big ObamaCare news this week isn’t really “news” to anyone who was smart enough to see through the President’s obfuscations and fraudulent accounting when ObamaCare was being rammed down our throats. No group has ever been more utterly vindicated than ObamaCare critics, who were right about absolutely everything they said.
One of Obama’s sleaziest tricks was front-loading revenue into ObamaCare, while deferring expenses for as long as possible. This made it look like it would cost a lot less than it actually would. How much less? Oh, about half as much as the true cost… and that’s according to estimates from a government agency known for its extreme caution and static analysis methods.
The Congressional Budget Office does 10-year forecasts, so now that it’s 2012, they’re looking out to 2022, when some of the biggest fiscal damage from ObamaCare reveals itself. What they found is very ugly indeed, as Fox News reports:
In a largely overlooked segment of the CBO’s update to the budget outlook released Tuesday, the independent arm of Congress found that the bill will cost $1.76 trillion between now and 2022.
That only counts the cost of coverage, not implementation costs and other changes.
“The bill spends more than the president promised, it covers fewer people — probably 2 million fewer people — and it taxes more than was expected,” said Sen. Jeff Sessions, R-Ala., ranking member on the Senate Budget Committee.
What if we throw in those implementation costs? Where does that leave us, Senator Sessions?
“The full accounting of the bill is $2.6 trillion. That’s a fair and accurate analysis of what the bill would cost, according to CBO,” Sessions said, noting how the cost dwarfs the fight over the 10-year debt reduction plan debated last year.
“We spent a whole summer fighting over a way to reduce spending by $2.1 trillion and here this bill is going add $2.6 trillion more in spending.”
Politics often involves crazy sales tactics, but the spectacle of Obama and his Party pretending to be even slightly concerned about the national debt is insane-asylum material.
The lunatics are still trying to claim that all this wild spending and exploding cost will somehow reduce the deficit, by which they mean “make it grow a little slower than it otherwise would have.” This assertion is based, in part, on the huge amount of money ObamaCare will suck out of the private sector through taxes, and of course the unique quantum tax/fine of the “individual mandate,” which is either a tax or a fine, depending on which member of the Administration is speaking, and who is asking the question.
Since the Obama economy is getting ready to go into a nose dive, with less than 2 percent annual GDP growth, but the number of living human beings required to fork over ObamaCare taxes, fines, and quantum tax/fines continues to increase, ObamaCare becomes a more stable and reliable source of revenue. No matter how awful the economy gets, the ObamaCare needle will never budge from America’s veins.
When you hear a Democrat boast of the revenue ObamaCare is projected to bring in, understand that what they’re really saying is that they’ve crushed the economy so thoroughly that Big Government now survives on a tax you pay for the privilege of being alive.
By far the craziest quote in this story comes from Democrat Representative Jim Cooper of Tennessee, who flies over the cuckoo’s nest to assure us that even though ObamaCare has thus far caused health care costs to rise substantially, it will soon reverse that trend, because “there are no public options. There’s no big new government health plan being offered. It’s all private sector options, and we hope they compete against each other to get prices down.”
Sane people look at the many surveys take of terrified employers and understand reality is the precise opposite of what Cooper claims: it’s becoming increasingly attractive for businesses to terminate insurance coverage, to escape from the ObamaCare disaster, dumping their employees into the “public exchanges” or Medicaid. The Obama Administration wants military veterans thrown in those exchanges, too. As if Obama’s grinding unemployment and collapsing workforce weren’t already depriving too many Americans of private-sector health insurance!
We’re still two years away from the “full implementation” of ObamaCare, and the Congressional Budget Office has a poor track record of predicting the true cost of legislation while it’s still unfolding. Also, the collapse of private insurance can come very quickly, as businesses decide on fairly short notice that it makes more sense to pay the quantum tax/fine for non-compliance than to comply with a disaster. Wait until you see the ten-year projections that cover 2024. That will be right about the time you hear Democrats begin muttering that single-payer socialized medicine is the only possible escape from the ObamaCare nightmare they created.