Right Hooks

CBO Says ObamaCare to Cost Less? Yeah, Right

Jan. 29, 2015

Two projections about ObamaCare in the Congressional Budget Office’s latest report will probably contradict each other. First came the breathless news that the government will spend 20% less than what the CBO first divined back in April. Now, the government is expected to spend $1.35 trillion from 2016 to 2025 – $2 trillion in expenses offset by income from penalty payments and other tax revenue. Here’s what CBS News has to say about it: “Consequently, the CBO reduced its 10-year cost estimate for Obamacare by $101 billion by making the following changes: It’s predicting the government will spend $68 billion less on Obamacare subsidies, spend $59 billion more on Medicaid, and bring in $97 billion more in revenues from projected changes in employer-based coverage. Additionally, the CBO is projecting the government will spend $5 billion more due to changes in estimated penalty payments and certain taxes collected.” In short, they are expecting businesses to pick up a larger portion of the nation’s health care tab. But the CBO also says 10 million Americans will lose employer-provided insurance during that same period. With the track record the federal government has on ObamaCare promises, expect to see a revision soon.

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