Friday, April 23, 2010

Breaking News: Obamacare will cost Americans $Billions

If you have followed the health care debate, you aren't surprised by the title to this post. The Health and Human Services (HHS) Department released a report today detailing their economic analysis of Obamacare. The President claimed for a year that he could cover millions more Americans, and he could do it for less money than the country currently spends on health care. No one who took a serious look at the facts could possibly believe the President's claim. The HHS announced that Obamacare would increase the costs of health care over the next ten years, not decrease it. According to the report, Obamacare will cost the United States an additional $311 Billion. As the AP reports:

"The overhaul will increase national health care spending by $311 billion from 2010-2019, or nine-tenths of 1 percent. To put that in perspective, total health care spending during the decade is estimated to surpass $35 trillion."

Of course, in order to only spend an additional $311 Billion, we will have to spend almost $1 Trillion to implement Obamacare. There were also a few warnings in the report. The $311 Billion increase in spending is assuming that Medicare reductions called for under Obamacare actually happen. Most people believe there is very little chance that either Democrats or Republicans will vote for reductions in Medicare. If they should, the bill will still cost more, and, "…Medicare cuts could drive about 15 percent of hospitals and other institutional providers into the red, 'possibly jeopardizing access' to care for seniors."

The Democrats in Congress and President Obama spent a little over a year creating a bill that Americans weren't behind, and still don't want. At every turn we find the bill includes things no one was aware of, or will costs more than the President claimed. A partial list of the new surprises includes:

  1. No coverage for preexisting conditions for kids until 2014.

  2. Insurance premiums will still increase under Obamacare.

  3. Obamacare will cost companies more than $14 Billion.

  4. Obamacare will forbid new doctor owned hospitals from being opened, and has halted construction on some already in the works.

  5. Members of Congress and their staff can be moved from their current health care and placed under Obamacare against their will (this is one of the few surprises that makes me smile).

Nancy Pelosi famously said that the bill had to become law so that Americans could see what was in it. So far, many of us don't like the surprises included in Obamacare. If these surprises and additional costs keep piling up, the Democrats may not like what's in the bill come November either.

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