The CBO's new baseline estimate shows that ObamaCare subsidies offered through the insurance exchanges — which are supposed to be up and running by next January — will total more than $1 trillion through 2022, up from $814 billion over those same years in its budget forecast made a year ago.
That's an increase of nearly 29%...
Last year, the CBO said the average exchange subsidy for those getting federal help when ObamaCare goes into effect next year would be $4,780. Its latest estimate raised that to $5,510 — a 15% increase. All these numbers are up even more from the CBO's original forecast made in 2010, which had the first-year subsidy average at $3,970.
The CBO also expects 7 million workers will lose their employer coverage due to ObamaCare, almost twice as many as it had previously said would be dumped. It expects tax penalties on individuals and companies who don't buy insurance to be $36 billion higher from 2014 to 2019 than it originally forecast...
[And a] report out this week by the American Action Forum concluded that ObamaCare could nearly triple the cost of a relatively bare-bones insurance policy for younger workers. Should that occur, it would raise costs to those not eligible for subsidies and further inflate the taxpayer cost of the insurance exchanges.
The lunacy of passing an enormous new entitlement when Social Security and Medicare are headed for immediate collapse should be self-evident.
That said, over the last month, we've also found the following salient facts about Obamacare:
• According to Robert Gibbs and Paul Krugman, there really are Death Panels.
• If you like your health care plans, 7 million of you won't be able to keep your health care plans.
• And up to 500,000 children will be dropped from their current health insurance plans because of a "glitch" in Obamacare itself.
And to think: the law really hasn't even kicked in yet and it's already collapsing under its own weight.
Perhaps next time, the would-be dictators and tyrants on the Left could actually allow Americans to read the damn bill before passing it. Or is that too much to ask?
3 comments:
You can go ahead and add another $3 trillion dollars over 10 years to that number, quadrupling the cost, before all is said and done.
The goal was always Socialist single payer health care, and de facto single payer will arise from these subsidies and the fact health care premiums will skyrocket by 250-300%.
That was always the plan, "Medicaid for all". Sure, it'll cost half our GDP to run the program and increase your tax burden to 90 cents on every dollar you earn to go to Leviathan government, but you'll have your health care!
"Health care"? Hardly. Under ObamaCare, everyone's required to be "covered" but not everyone will receive the same "treatment". As inflation and "unforeseen" costs drive the price up and government reallocates the money pile to something other pressing "need", the amount and extent of "treatment" will drop... except for those in government, exempted by government, or rich enough to pay cash directly to the provider.
Thanks for reading!
You mean everything they told us was a lie? It's going to cost us way more than they told us it would? Who knew?
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