The Affordable Care Act, Obamacare… Not So Affordable!
Nancy Pelosi famously said “But we have to pass the bill so you can find out what is in it, away from the fog of the controversy“.
Well Ms. Pelosi… we are way far away from the fog, the bill became law early last year and, much to our dismay, we are still finding out what is in it… and it ain’t pretty.
Forbes Magazine reported yesterday that there is a $450 billion error in Obamacare: “The $450 Billion Glitch: 3 Million Extra Middle-Class Americans Eligible for Medicaid Benefits” – Forbes, 6/21/2011
Free Health Care For All
All Americans, even conservatives, find the idea of providing high quality health care to all our citizens idealistically attractive.
Where clear thinking, sensible human beings quickly fall off the Obamacare bandwagon is COST!
They know that expanding Medicaid coverage to 32+ million more Americans, requiring coverage regardless of pre-existing conditions, allowing children to remain under their parents health care coverage until they are 26, failing to open health care insurance markets to nationwide competition, filling in the senior prescription drug “doughnut hole” and all the other perks built into Obamacare will cost many trillions of dollars in higher taxes and higher insurance premiums.
Unlike liberal Democrats, conservative Republicans understand you can’t get something for nothing. There is no such thing as a free lunch.
The COST of Obamacare is why fiscally conservative Republicans unanimously voted against it.
Doesn’t Obamacare Pay For Itself?
Despite what we were told by the President and Democratic leaders during the debate, it does NOT!
We were told that, except for a few rich people and rich corporations, it would not cost the average American one red cent and that Obamacare would be fully funded.
Yup, that’s right, we were promised something for nothing! And we fell for it.
Sure, liberals admit, we have to make everyone have health care coverage either individually purchased or through their workplace and that means health care will cost plenty for young and for other healthy people who currently don’t have any coverage, but it is for their own good. Right?
Then we have the little issue of taking $500 billion out of Medicare to even the Obamacare balance sheet. Where, pray tell, is the $500 billion to replace the lost Medicare funds going to come from? And what braniac came up with the brilliantly dumb idea of stealing from one health care program to pay for another?
The CBO in December of 2009 told us that Medicare money was being double counted. In other words, we were $500 billion short of balancing the books for The Affordable Care Act the day it was signed by the President. Assuming, of course, we still want to continue Medicare.
More Bad News About Obamacare Comes Out
The Forbes story is just another in a long line of higher cost ‘discoveries’ hidden in Obamacare. Medicare plus the new “glitch” alone adds up to $950 billion in cost overruns for Obamacare in its first decade alone.
That is slightly higher than the total cost for all of Obamacare estimated by the CBO for its first 10 years ($940 billion). And its main benefits don’t even kick in until 4 years after the bill was signed into law!
It should be noted that the CBO in 1967 underestimated the cost of Medicare in its first 10 years. By 1977 Medicare cost 8.8 times MORE than the 1967 CBO estimate. If the same error holds true of Obamacare then it will cost $8.3 trillion by 2021, about $7.3 trillion more than budgeted!
What effect do you think that will have on budget deficits and the National Debt?
How Are We Fixing Obamacare?
According MS-NBC (Millions of middle-class people could get Medicaid – AP, 6/21/2011) Medicare chief actuary, Richard Foster, has said the situation with the Medicare shortfall brought on by passage of Obamacare keeps him up at night.
Referring to the $500 billion taken from Medicare, Foster said, “This is a situation that got no attention at all. And even now, as I raise the issue with various policymakers, people are not rushing to say … we need to do something about this.”
And now we discover a $450 billion Obamacare error in coverage built into the other government health care program – Medicaid!
The Obama Administration, though, is alertly on top of this error!
Health and Human Services spokesman Richard Sorian said, “We are concerned that, as a matter of law, some middle-income Americans may be receiving coverage through Medicaid, which is meant to serve only the neediest Americans. We are exploring options to address this issue.”
One More Presidential Promise
The President himself said, “And so our goal on health care is… instead of health care costs going up 6 percent a year, it’s going up at the level of inflation, maybe just slightly above inflation… that is the single most important thing we could do in terms of reducing our deficit. That’s why we did it.“
As anyone who reads the newspaper or watches the news can tell you, health care premiums are rising 5 times faster than inflation right now and showing no signs of slowing down despite that the Affordable Care Act is more than a year old.
As we “find out what is in it, away from the fog of controversy”, Obamacare is emerging as an economic hydrogen bomb about to go off!
Maybe if someone had actually read the legislation before passing and signing it then things like $450 billion dollar mistakes could have been avoided. How much more is in it that we don’t know about?
At the time of passage President Obama said the legislation wasn’t perfect. I guess he meant it in the same way that he said joblessness is just a bump in the economy or that shovel ready wasn’t as shovel ready as we’d hoped.
Its time this terrible piece of legislation is repealed and real health care reform enacted before the nation goes bankrupt at the speed of light.