CBO Report - Obamacare to cost only twice as much as promised

By Catholic Online (NEWS CONSORTIUM)
3/15/2012
Catholic Online (www.catholic.org)

Surprised?

The Congressional Budget Office (CBO) has announced that the price tag of Obamacare has nearly doubled to a whopping $1.76 trillion over the next 10 years. The only news here is that anyone would be surprised.

Perhaps he had a point...

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WASHINGTON, DC (Catholic Online) - In September 2009, the President announced that his healthcare plan would cost $900 billion over 10 years. (Paragraph 50 of the President's remarks.)

Read the President's remarks here.
Read the full CBO report here.

Today, the CBO is projecting that the cost will nearly double to 1.76 trillion within the same time period.

This was the famous speech where Rep. Joe Wilson (R-SC) shouted, "you lie!" at Obama.

In fairness to the President, the full 10 years estimates were not available at that time, however such a caveat was not made to the public as the plan was pitched. In fact, even now a true 10-year cost estimate isn't fully available, and won't be until 2013.

Unless the Supreme Court overturns the law.

Part of the problem is the weak economy. Rather than the rosy picture commonly portrayed in the media, the recession continues for Main Street America. And while hiring is hinting at an uptick for 2012, the economy will certainly remain weak for a long time to come. As such, many individuals will be compelled to use Medicaid, raising the cost to the government - and taxpayers.

In addition to the higher cost, the CBO is also estimating that the coverage will be less comprehensive than originally promised. At least two million fewer people will now be covered under the new law.

Another promise of the health-care proposal is that the government would not be taking over health care. But new estimates from the CBO say that 3 million fewer people will have insurance via their employers and 17 million Americans will enroll for Medicaid benefits. Another 22 million will start finding coverage through government managed health exchanges.

And while that may not be an absolute takeover of medical care, it is certainly a dramatic development.

Perhaps Rep. Wilson had a point after all.

� 2012, Catholic Online. Distributed by NEWS CONSORTIUM.

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General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
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Keywords: Obamacare, Congressional Budget Office, CBO, government, taxes, Joe Wilson

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1 - 7 of 7 Comments

techwreck
1 year ago
Rob, we do have a huge problem in this country. We are out of money, as you correctly state, and inefficient, wasteful government programs are no longer going to reform health care or anything else that needs fixing. Until "we the people" get smary enough to run the progressives out of Washington and elect representatives who will give us a smaller government that allows us to manage our own lives, we will continue our downward spiral. "Government can not do for the people what the people are unwilling to do for them selves."
Rob
1 year ago
You know I think Obama had a shot to do some really great things. I tink if he would have just focused on the wall street regulation and the economy, things would be fine. While I understand in theory what was trying to be accomplished with the healthcare law, by the time it got through the partisan meat grinder, it's basically worthless and just another give away for pharmaceuticals and insurance companies. The few good provisions of the law just aren't worth the costs. I say that with all sympathy to those who can now be covered who may lose this coverage before it even begins. If the law is repealed, I just hope that isn't where health care reform stops. We have a huge problem in this country and it is not going away regardless of the outcome of this law.
vance
1 year ago
"We have to pass the Bill so we know what's inside it"- Nancy Pelosi. Again "The Man Behind The Curtain" continues to be revealed. This is what happens when fantasy becomes reality. People of intelligence read the Bill when it was posted online. We saw the evil that it is. The Obamabots didn't care because they don't question their leaders, they just follow orders. These same Obamabots still fall on the sword and dive on live handgernades for the cause inspite of however evil Obamacare is. What the Obamabots don't realize is that they too will be victims of the system they so dearly embraced.
Rob
1 year ago
tech, the US already is bankrupt. And what is sad is we have permitted it every step of the way.
techwreck
1 year ago
The scam is revealed! The Democrats drafting of Obamacare deliberately included a 2 year head start for increased taxes before the program started to spend money on benefits. That assured that the CBO 10 year scoring period for the bill would understate the cost of the program. But, the Democrats can't stop the calendar from moving forward and the true cost of Obamacare is being revealed year by year in revised CBO scoring. The cost will reach $2.5 trillion according to estimates, and will push the U.S. debt over a financial cliff. The Obamacare unconstitutional mandate will seem like a detail when the U.S. is bankrupt!
Rob
1 year ago
Should anyone be suprised that this estimate came out? Anything the government has done in the last decade has never met what was promised. The last thing any American should be suprised about or try to defend is any sort of budget analysis from the federal government. I would also add estimates to costs of war and length of stay. But to the article's statement regarding Joe Wilson, his comment was made in reference to illegal immigrants being covered, not the costs.
serolf
1 year ago
It is a fact, as you desribed, that obama healthcare plan will no doubltfully cost a fortune to the American people. So why is the government pushing and shoving something that is unaffordable, not wanted or needed, ridiculously outlayed where good doctors are quiting their practice, hospitals are shutting down, small public agencies that help the old are closing, and wanting to monoplize this monstrousity of healthcare system, which is obvious will never work. Don't we have an antitrust law that rules on monoplization in the US?

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