Gateway Pundit reports that the Democrats have been telling everyone that repealing Obamacare will make the budget deficit worse.
Rescinding the federal law to overhaul the health-care system, the first objective of House Republicans who ascended to power this week, would ratchet up the federal deficit by about $230 billion over the next decade and leave 32 million more Americans uninsured, according to congressional budget analysts.
The rough estimate by the Congressional Budget Office also predicts that most Americans would pay more for private health insurance if the law were repealed.
The headline of this left-wing Washington Post news article is “CBO says health care repeal would deepen deficit”.
The nonpartisan budget scorekeepers in Congress said on Thursday that the Republican plan to repeal President Obama’s health care law would add $230 billion to federal budget deficits over the next decade, intensifying the first legislative fight of the new session and highlighting the challenge Republicans face in pursuing their agenda.
The budget office estimated that the health care law, including education provisions, would reduce deficits over 10 years by $143 billion. Tax increases and cuts in projected Medicare spending would more than offset the cost of extending health insurance to millions of Americans. The budget office projected that the law would result in even bigger savings beyond 2019.
The headlines of this left-wing New York Times news article is “Republicans Are Given a Price Tag for Health Law Repeal, but Reject It”.
Wow, that sounds bad.
But is it true? Is it possible that the government can cover MILLIONS OF PEOPLE and have health care costs GO DOWN?
Well, look at the latest CBO numbers, straight from the CBO mailing list.
CBO and the staff of the Joint Committee on Taxation (JCT) have not yet developed a detailed estimate of the budgetary impact of H.R. 2, the Repealing the Job-Killing Health Care Law Act, which would repeal the major health care legislation enacted in March 2010. Yesterday, we released a preliminary analysis of that legislation indicating that, over the 2012-2021 period, the effect of enacting H.R. 2 on the federal budget as a result of changes in direct spending and revenues is likely to be an increase in deficits in the vicinity of $230 billion, plus or minus the effects of forthcoming technical and economic changes to CBO’s and JCT’s projections for that period.
We have been asked to provide the revenue and direct spending components of that total. Extrapolating the estimated budgetary effects of the original health care legislation and accounting for the effects of subsequent legislation, CBO anticipates that enacting H.R. 2 would probably yield, for the 2012-2021 period, a reduction in revenues in the neighborhood of $770 billion and a reduction in outlays in the vicinity of $540 billion, plus or minus the effects of forthcoming technical and economic changes to CBO’s and JCT’s projections.
Ah. So repealing Obama care would CUT SPENDING by 540 BILLION DOLLARS. And the only way to say that Obamacare can produce a surplus is by RAISING TAXES BY 770 BILLION DOLLARS.
- Did George W. Bush’s tax cuts help or hurt the economy?
- What lowers unemployment? Bush’s tax cuts or Obama’s spending?
- Do “tax cuts for the rich” have a track record of creating jobs?
- Republicans block Democrats’ attempt to raise taxes on job creators
- Harvard economists explain how Obama’s spending created 10.2% unemployment