HOW MUCH WILL OBAMACARE COST?

Obama doesn’t know. Neither do we. The estimated cost of Obamacare doubled in just two years from $940 billion to nearly $2 trillion. So how much will Obamacare really cost? It’s hard to tell, if not impossible. The government has not been too successful in predicting the costs of its health care programs.
The cost of Bush’s Part D Medicare for prescription drugs was estimated to be $534 billion over ten years. It was later determined that the cost would reach $1.2 trillion, two and a quarter times as much. Congress said in 1965 that Medicare would cost $9 billion in 1990. It actually cost $67 billion in that year, over seven times more than predicted. Romney’s Massachusetts universal health care plan adopted in 2006 was projected to cost taxpayers $88 million a year. After four years the cost averaged over a billion bucks a year, nearly twelve times more than predicted. Obama said his health care plan would cost “only” $940 billion over ten years, but now says $2 trillion. Past history shows that we might increase this by a multiple of about ten.
The common sense economist says we could be looking at a cost of $10 to $20 trillion. Could be!
And Obama says Obamacare will reduce the deficit by $143 billion? The common sense economist says it will more than likely add several trillion bucks.

Posted by at April 4, 2012
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