CBO: Obamacare to cost $1.76 trillion over 10 yrs

Fuck you are dumb. Subtract the 2012 number of 3 billion from 1.762 trillion, (which is the 11 year total from 2012-2022) i guess figuring out that 11 years minus 1 year = 10 years was to tough for you....

The funny thing is that it was only 1 page below the 2012-2021 estimate which you just posted on the previous page on this thread. Like i asked you before do you even read the shit you cut and paste?

Ill give you this one, the lying bastard who wrote the article was really trying to make Obama look bad, he should have said it was only going to cost 1.759 trillion, but instead he rounded it up to 1.76 just to stick it to Obama.




http://cbo.gov/sites/default/files/cbofiles/attachments/03-13-Coverage Estimates.pdf

 

There are no surprises here. Government entitlements *always* wind up costing many times the "worst case" estimates at the time the entitlements are first passed into law. This is because

(1) Politicians are always hopeless optimists about whichever causes they favor.

(2) Politicians have every incentive to minimize the costs of the legislation that they pass (whether it's for an entitlement or for war) and know the legislation would never pass if the full costs were admitted to up front.

Really, anybody who believes initial government cost estimates of wars, major infrastructure projects, or new entitlements is stupid enough to deserve the government we currently have.

 

Yep, and the funny thing is that those of us who point out the repeated failure in these government programs in advance are the ones who get attacked, we are the ones who they try to make look stupid, because we dont want to go down the same inevitable path of failure that has been repeated time, and time again.

Ak47 was all to willing to shill for Obama, solely based on the fact that Obama fed him a lie, and he simply wasnt willing to accept that it was Obama who was lying, and not the people who told him Obamacare would be a failure from the get go.

These big government/war mongering types dont have a leg to stand on, (in terms of history) yet they will fight tooth and nail in favor of more wars, and more government every single time, even when it is pointed out that it has never worked.

They think "THIS TIME it's going to be different."

"THIS war is going to work out"

"THIS new entitlement will save us"

"THIS time once we spend a little more we will get out of this mess"

Repeating the same action and expecting different results is the definition of insanity. When you break it down, "THIS TIME" is almost always the same as every other time, but most people are vain enough to believe that they are operating under some special, brand new set of circumstances that have never been seen before.....

 

Overnight Obama had the CBO do new estimates based on making new assumptions of costs over the next ten years.
The number went from 1.76 billion to 1.2 billion.

This is a joke, we all know it will cost more then Obama is saying...
Because there are no set rules, Obama is free to submit a program to the CBO for costing and get the exact number he wants.
The CBO has to play dumb and just cost out whatever it is fed.

When will the 40% of Obama lickers learn?

WASHINGTON (Reuters) - The estimated net costs of expanding healthcare coverage under President Barack Obama's landmark restructuring have been reduced by $48 billion through 2021, though fewer people would be covered under private insurance plans, a new analysis from the nonpartisan Congressional Budget Office showed on Tuesday.

The CBO also revised its overall federal budget deficit estimates to show a $92 billion increase in the projected fiscal gap for 2012, confirming a fourth straight year of $1 trillion-plus deficits.

The CBO revisions gave ammunition to both Democrats, who largely support Obama's controversial 2010 healthcare law, and to Republicans, who staunchly oppose it. The law will take center stage later this month when the U.S. Supreme Court hears oral arguments in a challenge of its constitutionality.

By reducing the estimated net 2012-2021 costs to $1.083 trillion from $1.131 trillion a year ago, the CBO report could help Democrats blunt some of the criticism over the high costs of extending coverage to some 47 million uninsured Americans, as they try to tout savings elsewhere in the law.

These cost reductions are largely due to lower estimates for subsidies and tax credits associated with the law's planned insurance exchanges for individual coverage.

They also include higher revenues from penalties and the tax effects of higher taxable income, as private employers drop health insurance plans in favor of extra compensation for employees to buy insurance via the exchanges.

But the analysis also projected that some 4 million fewer people will obtain insurance through employers or through the insurance exchanges promoted by the healthcare law by 2016 than estimated a year ago.

Many of those people will need to be covered by government-run Medicaid program for the poor, causing higher Medicaid costs to eat into savings elsewhere.

The CBO also added another year to its overall cost estimate for the insurance provisions, extending it out to 2022, for an 11-year net cost of $1.252 billion.

Before the revenue and tax effects, the gross cost for that period hits a new high: $1.762 trillion, and Republicans wasted little time in pouncing on it and the lower coverage estimate.

"The fact that the outlook for the new law continues to worsen so rapidly, even before it's implemented, is ominous," said Senator Jeff Sessions, the top Republican on the Senate Budget Committee.

 

Only an idiot would believe the new numbers that Obama strong armed the CBO into producing.

In order for someone to believe the new numbers they would actually have to believe that Obama and the Democrats OVERESTIMATED the original cost of Obamacare while they were trying to get it passed.....

 

And yet there are many such idiot believers right here on ET.

 

The Big Picture -34 Facts About U.S. Debt (And Yes, You Should Care)
TheEconomicCollapseBlog.com

"At this point in time, the debt level in the U.S., which is becoming frighteningly large, is not a concern to Wall Street. However, the subject of what to do about our national debt will likely become a hot topic on “the Street” at some point in the coming year or so. Thus, we thought you might enjoy this rather lengthy review of debt in the U.S. So, without further ado…

We have all been lied to. For decades, the leaders of both major political parties have promised us that they can fix our current system and that they can get our national debt under control. As the 2012 election approaches, they are making all kinds of wild promises once again. Well you know what? It is all a giant sham. The United States has gotten into so much debt that there will be no coming back from this. The current system is irretrievably broken. 30 years ago the U.S. debt was a horrific crisis that was completely and totally out of control. If we would have dealt with it back then maybe we could have done something about it. But now it is 15 times larger, and we are adding more than a trillion dollars to the debt every single year. The facts that you are about to read below should set America on fire with anger. Please share them with as many people as you can. What we are doing to our children and our grandchildren is absolutely nightmarish. Words like "abuse", "financial rape", "theft" and "crime" do not even begin to describe what we are doing to future generations. We were the wealthiest nation on earth, but it wasn't good enough just to squander all of our own money. We had to squander the money of our children and our grandchildren as well. America has been so selfish and so self-centered that it is hard to argue that we don't deserve what is about to happen to this country. We have stolen the future of America, and yet we strut around as if we are the smartest generation that ever walked the face of the earth.

All of this prosperity that we see all around us is just an illusion. It is a false prosperity that has been purchased by the biggest mountain of debt in the history of the world.

Did you know that if you added up all forms of debt in the United States and divided it up equally that every single family in the country would owe more than $683,000?

We are a nation that is absolutely addicted to debt, and the U.S. debt crisis threatens to destroy everything that our forefathers built.

Yes, everything may seem fine for the moment, but what do you think would happen if the federal government suddenly adopted a balanced budget?

1.3 trillion dollars a year would be sucked right out of the economy and we would be looking at an "economic readjustment" that would be mind blowing.

Enjoy this false prosperity while you can, because it is not going to last.

Debt is a very cruel master, and our day of reckoning is almost here.

The following are 34 shocking facts about U.S. debt that should set America on fire with anger....

#1 During fiscal year 2011, the U.S. government spent 3.7 trillion dollars but it only brought in 2.4 trillion dollars.

#2 When Ronald Reagan took office, the U.S. national debt was less than 1 trillion dollars. Today, the U.S. national debt is over 15.2 trillion dollars.

#3 During 2011, U.S. debt surpassed 100 percent of GDP for the first time ever.

#4 According to Wikipedia, the monetary base "consists of coins, paper money (both as bank vault cash and as currency circulating in the public), and commercial banks' reserves with the central bank." Currently the U.S. monetary base is sitting somewhere around 2.7 trillion dollars. So if you went out and gathered all of that money up it would only make a small dent in our national debt. But afterwards there would be no currency for anyone to use.

#5 The U.S. government spent over 454 billion dollars just on interest on the national debt during fiscal 2011.

#6 The U.S. government has total assets of 2.7 trillion dollars and has total liabilities of 17.5 trillion dollars. The liabilities do not even count 4.7 trillion dollars of intragovernmental debt that is currently outstanding.

#7 During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.

#8 It is being projected that the U.S. national debt will surpass 23 trillion dollars in 2015.

#9 According to the GAO, the U.S. government is facing 34 trillion dollars in unfunded liabilities for social insurance programs such as Social Security and Medicare. These are obligations that we have already committed ourselves to but that we do not have any money for.

#10 Others estimate that the unfunded liabilities of the U.S. government now total over 117 trillion dollars.

#11 According to the GAO, the ratio of debt held by the public to GDP is projected to reach 287 percent of GDP by 2086.

#12 Others are much less optimistic. A recently revised IMF policy paper entitled “An Analysis of U.S. Fiscal and Generational Imbalances: Who Will Pay and How?” projects that U.S. government debt will rise to about 400 percent of GDP by the year 2050.

#13 The United States government is responsible for more than a third of all the government debt in the entire world.

#14 If you divide up the national debt equally among all U.S. taxpayers, each taxpayer would owe approximately $134,685.

#15 Mandatory federal spending surpassed total federal revenue for the first time ever in fiscal 2011. That was not supposed to happen until 50 years from now.

#16 Between 2007 and 2010, U.S. GDP grew by only 4.26%, but the U.S. national debt soared by 61% during that same time period.

#17 During Barack Obama's first two years in office, the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined.

#18 When you add up all spending by the federal government, state governments and local governments, it comes to 46.6% of GDP.

#19 Our nation is more addicted to government checks than ever before. In 1980, government transfer payments accounted for just 11.7% of all income. Today, government transfer payments account for 18.4% of all income.

#20 U.S. households are now actually receiving more money directly from the U.S. government than they are paying to the government in taxes.

#21 A staggering 48.5% of all Americans live in a household that receives some form of government benefits. Back in 1983, that number was below 30 percent.

#22 Back in 1965, only one out of every 50 Americans was on Medicaid. Today, one out of every 6 Americans is on Medicaid.

#23 In 1950, each retiree's Social Security benefit was paid for by 16 U.S. workers. According to new data from the U.S. Bureau of Labor Statistics, there are now only 1.75 full-time private sector workers for each person that is receiving Social Security benefits in the United States.

#24 The U.S. government now says that the Medicare trust fund will run out five years faster than they were projecting just last year.

#25 Right now, spending by the federal government accounts for about 24 percent of GDP. Back in 2001, it accounted for just 18 percent.

#26 If the U.S. government was forced to use GAAP accounting principles (like all publicly-traded corporations must), the U.S. government budget deficit would be somewhere in the neighborhood of $4 trillion to $5 trillion each and every year.

#27 If you were alive when Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now. But this year alone the U.S. government is going to add more than a trillion dollars to the national debt.

#28 If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.

#29 A trillion $10 bills, if they were taped end to end, would wrap around the globe more than 380 times. That amount of money would still not be enough to pay off the U.S. national debt.

#30 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 470,000 years to pay off the national debt.

#31 If Bill Gates gave every penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days.

#32 According to Professor Laurence J. Kotlikoff, the U.S. is facing a "fiscal gap" of over 200 trillion dollars in the future. The following is a brief excerpt from a recent article that he did for CNN....
The government's total indebtedness -- its fiscal gap -- now stands at $211 trillion, by my arithmetic. The fiscal gap is the difference, measured in present value, between all projected future spending obligations -- including our huge defense expenditures and massive entitlement programs, as well as making interest and principal payments on the official debt -- and all projected future taxes.

#33 If you add up all forms of debt in the United States (government, business and consumer), it comes to more than 56 trillion dollars. That is more than $683,000 per family. Unfortunately, the average amount of savings per family in the U.S. is only about $4,735.

#34 The U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was created back in 1913.

But do our leaders care about statistics such as these?

Unfortunately, it appears not."

 

Congress and the President play the game of pass the buck. So long as they can keep the plate spinning on the end of a stick while they are in office is all they care about.

Unless the President and the entire Congress (including the Senate) is replaced with financial conservatives this will go on until the collapse. It seems this will certainly happen when entitlements exceed the sources of all revenue for the government. These numbers are estimated to converge in 2049 at 18% of GDP. Of course, there are other government expenditures so the number will be reached much sooner than 2049.

Will the people on the government doll accept a severe cuts in their payments? Probably not peacefully. Sometime between now and 2049, we will need to exchange our green backs for blue backs and start the Soylent Green program.

 

Wow cheaper than all the wars we spend money on and then of course rebuilding the countries after.

 

Worse than that, this one is borrowing $trillions to buy votes, that's all. Very simple and absolutely horrible. The deadly practice needs to get stopped with an amendment to the constitution ASAP