Friday, January 7, 2011

BREAKING: CBO Says Repealing ObamaCare Would Reduce Net Spending By $540 Billion

Philip Klein with The American Spectator reports on an email from the Congressional Budget Office to Congress that shows repealing ObamaCare will result in over a half trillion dollars in savings, and thus a reduction in the record deficit, over the next ten years. Nearly a trillion dollars in new taxes would be eliminated as well:

The Congressional Budget Office, in an email to Capitol Hill staffers obtained by the Spectator, has said that repealing the national health care law would reduce net spending by $540 billion in the ten year period from 2012 through 2021. That number represents the cost of the new provisions, minus Medicare cuts. Repealing the bill would also eliminate $770 billion in taxes. It's the tax hikes in the health care law (along with the Medicare cuts) which accounts for the $230 billion in deficit reduction.

Read the email, from Edward Davis, CBO's Associate Director for Legislative Affairs, here.

The Medicare cuts referred to are the 25% cuts to the Medicare program included in the ObamaCare law. This, of course was part of the Enron style accounting the democrats used to cook the books, making it seem like ObamaCare would actually save money, while in reality it's a budget buster.

To keep doctors, seniors, and the disabled who depend on Medicare from rioting in the streets, Congress passed a one year “doc fix” to cover the slight. As the reported by The Hill back in December:

The House approved a one-year "doc fix" Thursday afternoon that will prevent a dramatic cut in Medicare physician payments.

The measure was approved in a 409-2 vote one day after the Senate approved the $19.2 billion fix by unanimous consent.

Without the action, Medicare payments to doctors would have been cut 25 percent on Jan. 1, sparking fears that Medicare beneficiaries' access to physicians would be limited. Obama urged Congress to pass the bill, even though it taps into the healthcare reform law for funding.

The reform law creates state-run exchanges through which certain people may purchase insurance starting in 2014. The law provides subsidies for those under a specified income limit — about $88,000 for a family of four — and includes recapture penalties to those whose income exceeds the limit. The reform law provided a flat-cap penalty of $250 for individuals and $400 for families, but the so-called "doc fix" agreement is funded by higher penalties to those with higher incomes.

The bill now goes to Obama's desk, after he urged Congress on Wednesday to use the next year to develop a more permanent fix to the Medicare physician rate formula.

"It’s time for a permanent solution that seniors and their doctors can depend on, and I look forward to working with Congress to address this matter once and for all in the coming year," he said in a statement.

This makes the fifth time Congress has approved a temporary fix to Medicare physician rates this year. The latest agreement was hammered out by staffers of Majority Leader Harry Reid (D-Nev.), Minority Leader Mitch McConnell (R-Ky.), Finance Committee Chairman Max Baucus (D-Mont.) and ranking member Chuck Grassley (R-Iowa).

You can read the rest here.

As stated, this was the fifth time in 2010 alone that Congress had to make “adjustments” in an out of control program. They do it piece-meal like this so it confuses everyone and makes the accounting almost impossible to figure out. This one “fix” alone is nearly $20 billion. Multiply that by ten years, without factoring in for inflation and other cost increases, and at minimum you have $200 billion more spending than included in the actual ObamaCare bill. And remember, this is just one of five “fixes” in a single year!

They put Bernie Madoff in prison for a couple hundred years and he didn't do anything as egregious as Congress has here!

This is why ObamaCare must be repealed. It's a ticking time bomb that will explode in our faces and bankrupt the nation while at the same time destroying the best health care in the world.

If you don't think we are in for disaster if this thing isn't repealed, just take a look at Massachusetts and what Mitt Romney did to that state with his beta version of ObamaCare. RomneyCare was the working blueprint for ObamaCare. The geniuses in Washington have only “improved” it.

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