ObamaCare costs double to $1.8 trillion
Another day, another dreary projection of ObamaCare disaster, courtesy of the Congressional Budget Office, by way of the Washington Examiner:
When President Obama was selling his health care legislation to Congress, he declared that “the plan I’m proposing will cost around $900 billion over 10 years.” But with the law’s major provisions set to kick in next year, a new analysis by the Congressional Budget Officeprojects that the law will cost double that, or $1.8 trillion.
What accounts for the dramatic difference? It’s true that at the time of passage, the CBO said the gross cost of the law’s provisions to expand insurance coverage would be $940 billion over a decade. But as many critics of the health care law pointed out at the time, this number was deceptive because it estimated spending from 2010 through 2019 even though the program’s major spending provisions weren’t scheduled to go into effect until 2014. Effectively, the original estimate measured the cost of six years of Obamacare instead of 10.
Now, as implementation approaches, CBO has released projections for the 2014 to 2023 budget window — the first actual decade of Obamacare — and the gross cost projection is $1.8 trillion.
Our reward for all that spending will be another 13 million people dumped into the insolvent swamps of Medicaid, plus 7 million fewer Americans with decent employment-based insurance.
Remember, this was a deliberate fraud, not a mistake or a lack of foresight. Barack Obama and his team of con artists knew exactly how the Congressional Budget Office works. They carefully hid the cost of ObamaCare outside the 10-year projection window, front-loading revenues while holding the big spending surges at bay. ObamaCare critics – the single most vindicated group in American political history – warned about this sleight of hand at the time.
Also, bear in mind that “comprehensive immigration reform” uses the same trick, citing CBO estimates with 10-year windows when the truly massive cost surges would hit after 13 years or so. And that’s assuming the amnesty deal actually holds up, despite the inevitable pressure to grant citizenship, and full access to the welfare state, more quickly. The CBO makes its projections on the assumption that policy bargains will be faithfully kept, which in the case of “comprehensive immigration reform” is absurd. That’s why the controversial study recently released by the Heritage Foundation used a much longer timeline – the authors know perfectly well how cost bubbles are hidden from the Congressional Budget Office.
Don’t worry too much about the deficit, because ObamaCare has lots of tax increases too, plus all those expensive mandates and penalties… all enforced by your dependable, honest pals at the IRS, which will grow more powerful than ever.
Update: Some of us will count ourselves lucky if our personal insurance costs only double. The House Energy and Commerce Committee just released a new report on ObamaCare “premium rate shock.” It’s not pretty.
The following report chronicles the massive premium increases awaiting Americans when full implementation of the PPACA occurs in eight months, definitively contradicting the promise that the law will lower costs. As this report demonstrates, consumers purchasing health insurance on the individual market may face premium increases of nearly 100 percent on average, with potential highs eclipsing 400 percent. Meanwhile, small businesses can expect average premium increases in the small group market of up to 50 percent, with potential highs over 100 percent.
One of the insurers who helped House Energy and Commerce prepare this report noted that it’s difficult to make accurate projections, even one year into the future, because “the Administration has yet to issue many ‘relevant final ACA regulations.’”