Friday, March 30, 2012

Surprise! Obamacare already added $17 trillion in unfunded liabilities to America's balance sheet

It should come as no surprise that a bill which 72 percent of Americans believe is unconstitutional, which numbers over 2,200 pages, and which not one person in Congress bothered to read turns out to have a terrifying price tag for future generations.

The federal government’s unfunded health care obligations have grown by a whopping $17 trillion since the passage of President Obama’s controversial reform bill, a new study has found....

Staff at the Senate Budget Committee, which calculated the figure using methods based on those used by the Centers for Medicare and Medicaid Services (CMS), found that total unfunded obligations for federal health care programs have jumped from $65 trillion in 2009 to $82 trillion in 2011... Added to the government’s existing obligation for entitlement programs like Social Security, Medicare, and Medicaid, the total now comes to almost $100 trillion.

That is almost seven times the United States’ annual gross domestic product (GDP).

[And the] total cost of the health care law, as calculated by the nonpartisan Congressional Budget Office (CBO), has risen dramatically since its passage, dwarfing the $900 billion figure touted by the president and Congressional Democrats in 2009... CBO now estimates the law will cost taxpayers $1.76 trillion over the next decade.

The only good news: America will be bankrupt long before all of these debts come due.

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