Affordable Care Act will cost $1.8 trillion a year - 20 times estimate
Congressional Budget Office (CBO) officials project the Affordable Care Act (ACA) will cost American taxpayers double what the Obama administration had projected. Health care spending will double from $838 billion in 2012 to $1.837 trillion a year in 2022.
Simply stated, that means that the cost of government health care will pass discretionary spending in 2016,
The CBO estimates that 11-12 million uninsured Americans will be subjected to the mandate; the agency expects more than half of them to pay the fine instead of buying insurance. But wait, there’s more: “as more people pay the ‘tax penalty’ instead of buying insurance, premiums for everyone else will go up, potentially triggering a death spiral in the private insurance market,” Forbes said in response to the CBO report.
“But the CBO estimates that, of the 30 million U.S. residents it expects to be uninsured in 2016, 18 to 19 million are exempt from the mandate. There are around 10-12 million illegal immigrants in the U.S., and illegal immigrants are exempted from the mandate,” Forbes stated.
For all of the hype, all of the court action taken and the Supreme Court’s decision declaring that the individual mandate was a tax, not a penalty, and the ACA has saddled the struggling U.S. economy with an additional $1.8 trillion on top of our $1.175 trillion annual deficit. Let’s see, if the ACA is going to add another $1.8 trillion to our deficit that tops $1.175 trillion this year alone, that’ll mean we’re going to face a deficit of $2.975 trillion.
Maybe we should have played this thing in reverse. We should have asked to read the ACA before Congress passed it. Oh, that’s right, then Speaker of the House Nancy Pelosi said we had to pass it in order to read what’s in the bill. Surprise!
Question: Where is this money coming from to pay for those persons uninsured? The rich? Or, more likely the middle class will experience a major tax hike.