I guess this is another one of those “we have to pass the bill to find out what’s in it” moments.
The latest cost overrun associated with ObamaCare? A $500 billion “error” associated with insuring the spouses and children of new entitlement recipients. That’s $500 billion in additional deficit spending — although it didn’t stem from an “error” so much as it was the result of a deliberate miscalculation.
As it attempted to calculate ObamaCare’s true fiscal impact, the Congressional Budget Office was explicitly instructed to ignore the cost of covering family members under new eligibility requirements for low-income private sector employees.
“The Congressional Budget Office has never done a cost-estimate of this (because) they were expressly told to do their modeling on single coverage,” researcher Richard Burkhauser told the Daily Caller this month.
Documents obtained from the Democratic-controlled Joint Committee on Taxation confirm Burkhauser’s account — and demonstrate the lengths to which Obama supporters went in an effort to hide these costs from the taxpayers.
Hey, remember when the Democrat party line was that Obamacare would reduce the budget deficit? Remember when they claimed that repealing Obamacare would add to the national debt? … Say Anything Blog
500 Billion New Reasons To Invalidate ObamaCare
By HOWARD RICH Posted 08/10/2011 06:52 PM ET
A few hundred billion dollars here, a few hundred billion dollars there — sooner or later we're talking about the real cost of Barack Obama's new socialized medicine monstrosity.
Former House Speaker Nancy Pelosi once said that "we have to pass the bill so that you can find out what is in it." Apparently, passing the legislation was also a prerequisite to determining its actual price tag — which as it turns out is much higher than anyone fathomed.
The latest cost overrun associated with ObamaCare? A $500 billion "error" associated with insuring the spouses and children of new entitlement recipients. That's $500 billion in additional deficit spending — although it didn't stem from an "error" so much as it was the result of a deliberate miscalculation.
As it attempted to calculate ObamaCare's true fiscal impact, the Congressional Budget Office was explicitly instructed to ignore the cost of covering family members under new eligibility requirements for low-income private sector employees.
"The Congressional Budget Office has never done a cost-estimate of this (because) they were expressly told to do their modeling on single coverage," researcher Richard Burkhauser told the Daily Caller this month.
Documents obtained from the Democratic-controlled Joint Committee on Taxation confirm Burkhauser's account — and demonstrate the lengths to which Obama supporters went in an effort to hide these costs from the taxpayers.
Obviously this isn't the first "oversight" associated with this unconstitutional abomination. In March of 2011, Obama's heath care czarina Kathleen Sebelius was forced to acknowledge under oath that the government double-counted $529 billion in "savings" associated with the implementation of the legislation.
Numerous other errors and omissions have been uncovered within ObamaCare's fuzzy math — including a $52 billion raid of Social Security and a $72 billion repayment obligation for a new "long-term care trust fund."
According to Congressional Budget Office estimates released on the eve of its passage in March 2010, ObamaCare was originally projected to add $109 billion to the federal deficit over 10 years.
We can now add more than $1 trillion to that total (and counting), shredding once and for all Obama's ridiculous claim that his signature legislation is "one of the biggest deficit-reduction plans in history."
It's also critical to remember that all of this deficit spending comes after the imposition of new tax hikes totaling hundreds of billions of dollars — a double whammy for taxpayers.
In addition to its infamous (and unconstitutional) individual mandate, ObamaCare also includes a new employer mandate tax, a new tax on "Cadillac" health insurance plans, the creation of a new 3.8% surtax on investment income for households that earn more than $250,000, increases in Medicaid payroll taxes, a new tax on medical device manufacturers, a new tanning tax, a tax hike on drug companies and at least a dozen other new "revenue enhancements."
Many of these tax hikes have already been implemented — siphoning money away from our economy at the worst possible time. They're also being collected even after a federal judge struck down ObamaCare in its entirety.
Also — and this is a critical point — the official cost projections for ObamaCare factor in a decade's worth of tax hikes and deficit spending and only six years of programmatic "benefits." Obviously, that discrepancy vastly understates the long-term impact of ObamaCare on federal deficits.
During the recent debt-ceiling debate, Republican leaders proved unwilling to make major inroads in reducing the federal government's mushrooming debt. They also abandoned key long-term fiscal restraints aimed at lowering future deficits.
As a new "supercommittee" convenes to take another stab at these long-overdue reforms, it's clear that gutting ObamaCare must be its first order of business.
• Rich is chairman of Americans for Limited Government.
Source: Investors Daily
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