March 13, 2012
Obamacare will actually cost $1.76 trillion announces the CBO

The Congressional Budget Office recently published an update to the projections for the costs of Obamacare.  It’s going to cost $1.76 trillion instead of $940 billion.  Add it to another line item in the long list of lies by this current administration.

President Obama’s national health care law will cost $1.76 trillion over a decade, according to a new projection released today by the Congressional Budget Office, rather than the $940 billion forecast when it was signed into law.

Democrats employed many accounting tricks when they were pushing through the national health care legislation, the most egregious of which was to delay full implementation of the law until 2014, so it would appear cheaper under the CBO’s standard ten-year budget window and, at least on paper, meet Obama’s pledge that the legislation would cost “around $900 billion over 10 years.” When the final CBO score came out before passage, critics noted that the true 10 year cost would be far higher than advertised once projections accounted for full implementation.

Today, the CBO released new projections from 2013 extending through 2022, and the results are as critics expected: the ten-year cost of the law’s core provisions to expand health insurance coverage has now ballooned to $1.76 trillion. That’s because we now have estimates for Obamacare’s first nine years of full implementation, rather than the mere six when it was signed into law. Only next year will we get a true ten-year cost estimate, if the law isn’t overturned by the Supreme Court or repealed by then. Given that in 2022, the last year available, the gross cost of the coverage expansions are $265 billion, we’re likely looking at about $2 trillion over the first decade, or more than double what Obama advertised.

Below is an excerpt from an Obama speech on Obamacare:

Now, add it all up, and the plan I’m proposing will cost around $900 billion over 10 years — less than we have spent on the Iraq and Afghanistan wars, and less than the tax cuts for the wealthiest few Americans that Congress passed at the beginning of the previous administration.  (Applause.)  Now, most of these costs will be paid for with money already being spent — but spent badly — in the existing health care system.  The plan will not add to our deficit.  The middle class will realize greater security, not higher taxes. 

http://www.whitehouse.gov/the_press_office/Remarks-by-the-President-to-a-Joint-Session-of-Congress-on-Health-Care

Obama claimed that his plan wouldn’t raise the deficit and that taxes wouldn’t be raised.  Both statements were lies.  The deficit has risen tremendously and the Obama administration is proposing a multitude of tax increases.

11:38pm  |   URL: http://tmblr.co/ZlVyHyHytuK1
  
Filed under: politics Obama 
  1. kennethto posted this