January 8, 2011

Betsy McCaughey in the WSJ: ‘The CBO’s Fuzzy ObamaCare Math’

In a Friday evening op-ed:

Defenders of ObamaCare have seized upon a Jan. 6 letter from the Congressional Budget Office (CBO) to House Speaker John Boehner alleging that repeal would “increase the deficit.” Don’t be bamboozled. When big spenders call for “deficit reduction,” they mean raising your taxes. That is what ObamaCare does.

The CBO letter says that the health law spends $780 billion in the next decade and pays for it by raising taxes and fees by $410 billion, and by reducing future Medicare funding by $500 billion. The CBO argues that the law raises more money ($910 billion) than it spends, but that is hardly sufficient reason to keep it, or any law.

Projections from another federal agency—the Centers for Medicare & Medicaid Services (CMS)—fill in the grim picture on what ObamaCare will do. The CMS figures, released Sept. 9, show that if you buy your own health plan, you will have to pay more every year than you would have if the law hadn’t passed.

To expand Medicaid, the law eviscerates Medicare. It’s like robbing Peter to pay Paul, only it’s robbing Grandma and Grandpa. The CMS shows that in 2019 the Obama health law reduces annual Medicare funding so much that it works out to $1,428 less for each elderly patient that year. Richard Foster, chief actuary for Medicare, has spoken with brave bluntness about the possible impact, warning that some hospitals may stop accepting Medicare. Where will seniors go?

Of course, the CBO also makes no attempt to estimate the economic growth-retarding impact of ObamaCare’s tax increases, which would shred its deficit-reduction claims even further.

When the CBO came out with its deficit-reduction assertion early last year, Katie Couric laughably described it as a “certified price tag.” Anyone who would characterize a projection into an uncertain future in such a manner is a candidate to be considered certifiable.

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1 Comment

  1. Of course if you are robbing the elderly to pay for the poverty then conveniently forcing the elderly into poverty via ever greater medical costs will simply shift them into Medicaid. Here’s a hint, state agencies are tightening up on ALFs forcing borderline patients into skilled nursing which at $7000 to $10000 per month quickly wipes them out financially and puts them entirely on MEDICAID’s dime. So not only will ObamaCare simply shift dollars from one pocket to another it will handsomely line the pockets of nursing home operators. Do I smell Democrat campaign contributors?

    Comment by dscott — January 8, 2011 @ 11:33 am

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