It has been a while — since the old blog, I believe — since Wagonwheel used the phrase “bending the cost curve downward” when he wrote about the Affordable Care Act. Now, it seems as though the cost curve is getting bent alright, but not in the direction our Democrat from Delaware told us:
March 13, 2012 4:21pm
CBO: Obamacare to cost $1.76 trillion over 10 yrs
byPhilip Klein Senior Editorial Writer
President Obama’s national health care law will cost $1.76 trillion over a decade, according to a new projection released today by the Congressional Budget Office, rather than the $940 billion forecast when it was signed into law.
Democrats employed many accounting tricks when they were pushing through the national health care legislation, the most egregious of which was to delay full implementation of the law until 2014, so it would appear cheaper under the CBO’s standard ten-year budget window and, at least on paper, meet Obama’s pledge that the legislation would cost “around $900 billion over 10 years.” When the final CBO score came out before passage, critics noted that the true 10 year cost would be far higher than advertised once projections accounted for full implementation.
Today, the CBO released new projections from 2013 extending through 2022, and the results are as critics expected: the ten-year cost of the law’s core provisions to expand health insurance coverage has now ballooned to $1.76 trillion. That’s because we now have estimates for Obamacare’s first nine years of full implementation, rather than the mere six when it was signed into law. Only next year will we get a true ten-year cost estimate, if the law isn’t overturned by the Supreme Court or repealed by then. Given that in 2022, the last year available, the gross cost of the coverage expansions are $265 billion, we’re likely looking at about $2 trillion over the first decade, or more than double what Obama advertised.
As for Wagonwheel, he wrote, on 31 August 2010:
“Of course, just because the Democrats are admitting it to themselves doesn’t mean that Perry will quit using his standard claims! “
Yes, Dana, I am still sticking with the non-partisan (CBO) conclusions.2
So, will Wagonwheel still stick with the “non-partisan (CBO) conclusions?” So far, everything the Democrats projected about the Affordable care Act has been wrong, and it hasn’t even come into full force yet. Of course, that fits in quite well with the fact that, so far, everything the Democrats projected about the economy and the 2009 stimulus plan was wrong as well.
I have never met Barack Obama. He may be the nicest guy in the world for all I know, and his intentions and goals for our country may be the noblest that could ever be found. But one thing I do know is that he is simply not up to the job of President of the United States.