Thanks, President Obama, for the endless wave of costly entitlement handouts mired in schemes and scams
by: J. D. Heyes
It doesn't matter whether you are an opponent of Obamacare, as most Americans are, according to numerous surveys since the law's passage by Congress and subsequent rewrite and legitimization by the U.S. Supreme Court. You're going to pay for it anyway, and dearly, according to a new bombshell report from the Congressional Budget Office.
As reported by Britain's Daily Mail newspaper in online editions, the cost to the federal government, or, more accurately, the taxpayers who fund it, for every new person insured under the law will be in the neighborhood of $50,000.
The paper said budget figures like that one were buried within a 15-page section in the nonpartisan CBO's latest 10-year budget outlook.
The Mail further reported:
The best-case scenario described by the CBO would result in 'between 24 million and 27 million' fewer Americans being uninsured in 2025, compared to the year before the Affordable Care Act took effect.
Pulling that off will cost Uncle Sam about $1.35 trillion -- or $50,000 per head.
So much for Obama's "cost estimates"
Needless to say, the new CBO cost figures are nothing like those promised by President Obama and Democrats when they were pushing the measure as a bill in 2009 and 2010.
The figures are astounding: It will take $1.993 trillion to hand out insurance subsidies to poor and middle class Americans, as well as to finance a huge expansion of Medicaid and CHIP, or Children's Health Insurance Program, costs. It is, without question, the largest wealth redistribution effort in a generation.
To "offset" those costs, the government will take in only $643 billion in new taxes, fees and penalties related to the Affordable Care Act.
Part of that revenue will include the first-ever set of escalating financial penalties -- or, as the Supreme Court defined them, taxes -- on Americans who don't buy a product, in this case health insurance.
The revenue also includes a new tax on medical devices, which is actually opposed by both Republicans and some Democrats in Congress (meaning, if this provision is finally repealed, then costs per newly insured person will be even higher).
In an address to a joint session of Congress in 2009, Obama promised that his signature legislation would not cost this much. In fact, he said, "the plan I'm proposing will cost around $900 billion over 10 years" (which is still more than the government is raising to "pay" for it, but that's a separate issue).
"It would be a significant discount if the White House could return to that number today," the Mail reported.
In the same 2009 speech, Obama made the claim that there were "more than 30 million American citizens who cannot get [health insurance] coverage."
Using Obama's cost figure of $900 billion, and 30 million who needed coverage, the price tag would still have been hefty -- $30,000 per head -- but not as hefty. That would be only about two-thirds of what the CBO now says the program will cost per insured.
The nonpartisan congressional agency, along with the Joint Committee on Taxation -- a group of lawmakers from both chambers of Congress -- prepared the report, which was released Jan. 26, showing the overall direction of the federal budget.
The report estimates that "the net costs of the coverage provisions of the ACA will rise sharply as the effects of the act phase in from 2015 through 2017," a period when Obama will be preparing to leave office.
Millions will still be uninsured
Further, costs will "rise steadily through 2022" before leveling off for three years, economists for the two groups estimated. But, even then, the Obamacare program is expected to add an additional $145 billion in costs each year to a federal budget that is constantly in the red, adding to a federal debt that now has surpassed $18 trillion, or more than a year's worth of U.S. GDP.
As the Mail further noted:
That number doesn't include the insurance premiums and out-of-pocket health care costs paid by Americans -- only the government's role in implementing the law and paying for its guarantees.
The final insult is that, according to the CBO, there will still be "between 29 million and 31 million" non-elderly Americans without medical insurance -- meaning this entire mammoth law was literally passed for nothing (except, perhaps, to give more centralized control over Americans' lives to Washington).
Learn more: http://www.naturalnews.com/048948_Obamacare_health_insurance_wealth_redistribution.html#ixzz3U6C9mGmx