Today, RepublicanSenate.gov published the highlights of the CBO’s updated report on the costs of Obamacare. Over one trillion dollars will be sucked out of the American economy to fill a massive feeding trough for government bureaucracies.
CBO: $1.05 Trillion In New Taxes
“Penalty Payments by Uninsured Individuals … Changes in revenues 2013-2022:-55 [billion dollars].” “Penalty Payments by Employers… Changes in revenues 2013-2022:-106 [billion dollars].” “Excise Tax on High-Premium Insurance Plans… Changes in revenues 2013-2022:-111 [billion dollars].” “Associated Effects of Coverage Provisions on Tax Revenues… Changes in revenues 2013-2022:-216 [billion dollars].” “Fees on Certain Manufacturers and Insurers… Changes in revenues 2013-2022:-165 [billion dollars].” “Additional Hospital Insurance Tax… Changes in revenues 2013-2022:-318 [billion dollars].” “Other Revenue Provisions… Changes in revenues 2013-2022:-87 [billion dollars].”
Total: 1.05 trillion dollars (Douglas Elmendorf, CBO Director, Letter To Speaker Boehner, Table 2, 7/24/12)
CBO: ‘$716 Billion’ In Medicare Cuts
CBO: “As you requested, the Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation (JCT) have estimated the direct spending and revenue effects of H.R. 6079, the Repeal of Obamacare Act, as passed by the House of Representatives on July 11, 2012. … Many of the other provisions that would be repealed by enacting H.R. 6079 affect spending for Medicare, Medicaid, and other federal programs. … an estimated $716 billion over that 2013–2022 period.” (Douglas Elmendorf, CBO Director, Letter To Speaker Boehner, P.1 & 13, 7/24/12)
President Obama Promised: ‘I Will Protect Medicare’
PRESIDENT OBAMA: “So don’t pay attention to those scary stories about how your benefits will be cut … that will not happen on my watch. I will protect Medicare.” (President Obama, Remarks To Joint Session Of Congress, 9/9/09)
The CBO actually produced two reports: one detailing the perilous costs of Obamacare and another that details the impact should the House effort to repeal Obamacare succeed.
The Obamacare report stated that “CBO and JCT now estimate that the insurance coverage provisions of the ACA will have a net cost of $1,168 billion over the 2012–2022″. This is the bill the President worked so hard to keep under one trillion dollars? What will it cost when they review it next year?
The second report discusses the impact of repealing PPACA (aka Obamacare). In it, the CBO estimates that the repeal of PPACA through the enactment of H.R. 6079 “The Repeal of Obamacare Act” “would reduce direct spending by $890 billion”.
The CBO does attempt to illustrate that the repeal bill would increase deficits by $109 Billion over ten years. Their math is based on the fact that over $1 trillion in job killing taxes would also be repealed forcing the government to cut spending instead of continuing to drain the American economy of the capital it produced and requires to grow.
These reports were issued by the “non-partisan Congressional Budget Office” that has been reported to be stacked with Obama-friendly staff just prior to this analysis. How different would the numbers be if reviewed by a truly independent review board?