Wednesday, March 21, 2012

CBO says Obamacare will cost much more and ...

The CBO gave Obamacare two hits last week.

The amazingly low cost of $940 billion over ten years has doubled to $1,760 billion over ten years. Who is surprised? The window has slid forward so the current window is through 2022, which accounts for some of the increase. But that's uncovering one of Obama's tricks - to front-load revenues and delay the benefits. Well, not uncovering it, but watching it be implemented.

Washington Examiner
But now, two years later, a more accurate picture is coming into view. As the CBO’s 10-year budget window slowly expands to encompass all of Obamacare’s new spending, and as gimmicks like the CLASS Act are exposed as the Ponzi scheme frauds that they are, the cost of Obamacare keeps rising. Yesterday, the CBO released its latest cost estimate of Obamacare’s spending provisions showing that the law will cost $1.76 trillion through 2022. But even that doesn’t capture the law’s true price tag. 
Since Obamacare will not be fully implemented until 2014, we will not know until next year what a full 10-year cost estimate of the law looks like.
The second hit is "you will be able to keep the insurance you now have." Let's see. Employers are looking at huge cost increases due to Obamacare and some will drop covering their employees and pay the penalty instead. As we expected.

The results: Up to 20 million people will lose their coverage by the CBO's estimate. Congressional Budget Office found that employers are expected to stop coverage for their employees - 5,000,000 per year expected - net of several factors. Last year the expected number was 1,000,000. So the picture got 5 times worse. Note: those estimates are for each year from 2019 to 2022 - 5 million per year for 4 years is 20 million!

The Hill

See also Free Beacon.

This is cross-posted at Sound Politics and has lots of comments.

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