Skip to comments.ObamaCare Cost Will Be Closer To 6 Trillion Dollars
Posted on 11/28/2009 10:01:56 AM PST by Starman417
Michael F. Cannon from The Cato Institute writes about the trickery involved by Democrats in estimating how much the behemoth known as ObamaCare will cost and what the real cost of the Socialism will be:
One gimmick makes the new entitlement spending appear smaller by not opening the spigot until late in the official 10-year budget window (20102019). Correcting for that gimmick in the Senate version, Sen. Judd Gregg (R-NH) estimates, When all this new spending occurs i.e., from 2014 through 2023 this bill will cost $2.5 trillion over that ten-year period.
Another gimmick pushes much of the legislations costs off the federal budget and onto the private sector by requiring individuals and employers to purchase health insurance. When the bills force somebody to pay $10,000 to the government, the Congressional Budget Office treats that as a tax. When the government then hands that $10,000 to private insurers, the CBO counts that as government spending. But when the bills achieve the exact same outcome by forcing somebody to pay $10,000 directly to a private insurance company, it appears nowhere in the official CBO cost estimates neither as federal revenues nor federal spending. Thats a sharp departure from how the CBO treated similar mandates in the Clinton health plan. And it hides maybe 60 percent of the legislations total costs. When I correct for that gimmick, it brings total costs to roughly $2.5 trillion (i.e., $1 trillion/0.4).
Heres where things get really ugly. TPMDCs Brian Beutler calls the $2.5-trillion cost estimate a doozy of a hysterical Republican whopper. Not only is he incorrect, he doesnt seem to realize that Gregg and I are correcting for different budget gimmicks; its just a coincidence that we happened to reach the same number.
(Excerpt) Read more at floppingaces.net ...
I “guesstimated” 5 trillion.....nice to know I’m not alone ;-)
i guess everybody will have to just sign the back of there checks, and hand it over to the gov., well, the few people that accually have jobs.. this is insane-
What a great idea!!!
Criminal conspiracy marked by silence and misinformation
From the lips of Obama himself: “I will not sign it if it adds one dime to the deficit.”
Can I get a Joe Wilson “You Lie!” call and feedback please? =.=
Shout it from the mountains on out to sea
(out to the sea)
No two ways about it, people have to be free
(they got to be free)
Ask me my opinion, my opinion will be
It’s a natural situation for a man to be free
You forgot one for your list:
The First Communist President
no matter what “miracles” this bill does for all the people, WE SIMPLY CANNOT AFFORD IT!
Most regular folks can understand this. But the folks in DC are utter idiots when it comes to other people’s money!
I’m not a CPA ;-)