Wintery Knight

…integrating Christian faith and knowledge in the public square

CBO estimates Obamacare cost to be 2 trillion from 2014-2023

From the Weekly Standard. (H/T ECM)

Excerpt:

The CBO says that Obamacare would cost $2.0 trillion in the bill’s real first decade (from 2014 to 2023) — and much more in the decades to come.

But $2.0 trillion wouldn’t be the total ten-year costs. Instead, that would merely be the “gross cost of coverage provisions.” Based on earlier incarnations of the proposed overhaul, the total costs would be about a third higher (the exact number can’t be gleaned from the CBO’s analysis, which is only preliminary and is not a full scoring) — making the total price-tag between $2.5 and $3 trillion over the bill’s real first decade.

How would we pay for all of this? According to the CBO, by diverting $1.1 trillion away from already barely-solvent Medicare and spending it on Obamacare, and by increasing taxes on the American people by over $1 trillion. Among the Medicare cuts would be cuts of $25,000 in Medicare Advantage benefits per enrollee — up from $21,000 in the previous scoring.

[...]We’d also pay for this through increased deficits.  Under strict instructions from the Democrats, the CBO gave Obamacare credit for over $400 billion (from 2014 to 2023) in phony “savings” that would allegedly result from cutting doctor’s payments under Medicare by over 20 percent and never raising them back up.  As the CBO notes, one of two things could happen:  Congress could either follow through on these severe pay cuts — in which case doctors would view all Medicare patients as if they have the plague — or, Congress could eliminate these pay cuts — as everyone in Washington expects to have happen under the so-called “doc fix” — in which case the CBO projects that this bill would raise deficits by over $100 billion from 2017 to 2019 alone.

So, after racking up higher deficit spending in two years than President Bush (or any other president) did in two terms, President Obama would leave his successor a 12-figure deficit related to Obamacare alone — for the period from 2017 to 2019 alone.  That’s according to the CBO.

Someone is going to have to pay for all of this spending. Either taxes are going to go up so that we are all out of a job, or the government will print money and devalue the currency via inflation. I hope the young people who voted for Obama like the taste of grass – because that’s all they’ll be eating for the rest of their lives if this spending keeps up.

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3 Responses

  1. ECM says:

    Here’s how they intend to pay for part of it:

    http://www.cnsnews.com/news/article/63036

  2. [...] More details here: CBO estimates Obamacare cost to be 2 trillion from 2014-2023 « Wintery Knight. [...]

  3. wgbutler777 says:

    Within the next 5 years our taxation levels are going to shoot through the roof, to keep up with all the entitlement programs, destroying jobs and laying an oppressive burden on the productive class.

    Within the next 20 years the debt load will be unsustainable, even with exorbitant taxation levels and we’ll have complete chaos as the government either goes bankrupt and leaves all of the dependents out in the cold or starts printing currency and creating hyper-inflation.

    It is very sad to know that the country that I grew up in which was prosperous and full of opportunity for those willing to make smart choices and work hard will NOT be the country that my children grow up in.

    wgbutler777

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