Skip to comments.CBO: Obamacare costs double to $1.8 trillion in first decade
Posted on 05/15/2013 8:03:14 AM PDT by SeekAndFind
When President Obama was selling his health care legislation to Congress, he declared that the plan Im proposing will cost around $900 billion over 10 years. But with the laws major provisions set to kick in next year, a new analysis by the Congressional Budget Office projects that the law will cost double that, or $1.8 trillion.
What accounts for the dramatic difference? Its true that at the time of passage, the CBO said the gross cost of the laws provisions to expand insurance coverage would be $940 billion over a decade. But as many critics of the health care law pointed out at the time, this number was deceptive because it estimated spending from 2010 through 2019 even though the program's major spending provisions werent scheduled to go into effect until 2014.
Effectively, the original estimate measured the cost of six years of Obamacare instead of 10.
Now, as implementation approaches, CBO has released projections for the 2014 to 2023 budget window the first actual decade of Obamacare and the gross cost projection is $1.8 trillion.
CBO now expects the Medicaid expansion to cover an additional 13 million people by 2023 (up 1 million from its February estimate) and the new government-run insurance exchanges to cover 24 million (1 million fewer than previously projected).
(Excerpt) Read more at washingtonexaminer.com ...
Any dumb*ss with coke bottle spectacles could see this coming down Main Street from a mile away.
Obama’s one, single substantive action as president quite naturally has the capacity to drive the economy to its knees as it ushers in America’s Age of Marxism.
Remember The Govt. Rule of 10: Every government program will cost at least 10 times as much as originally predicted.
The analogy I always think of is, like driving down a straight away and slamming on the brakes.
The effect is dramatic and unmistakable. I know next to nothing about economic details, but what "O" planned and succeeded in doing to our economy was certainly foreseeable AND avoidable.
the new figure is not taking into account the millions of new illegals either I assume.
I’ve learned you multiply whatever the government tells you the cost of any program will be by 3.5 and implementation schedule wise by 2.5 just to get a conservative view on what the reality will be at a minimum.
Impeachment File for B. Hussein Obama, aka Barry Soetoro, a legal citizen of the sovereign Nation of Indonesia.
How much does it cost including the destruction of the economy?
Probably underestimated by at least 100 percent.