Apr 27, 2010 8:55 PM GMT
Addressing the AMA in June of 2009, President Obama said, "If we fail to act, one out of every five dollars we earn will be spent on health care within a decade."
According to CMS (Centers for Medicare and Medicaid Services, a division of the Department of Health and Human Services), after the passage of ObamaCare, health care spending will eat more than one out of five dollars in the economy.
Specifically, by 2019, health care spending is now projected to represent 21 percent of GDP, as opposed to an estimated 20.8 percent had the new law not passed. In dollar terms, that translates into $311 billion more in spending over the next decade.
Some other tidbits from the report:
By delaying the major spending provisions until 2014, Democrats hid the true 10-year cost of their legislation.
Medicare cuts are unlikely to materialize, thus there will be no "savings" that the Democrats touted and these "savings" can not be counted twice, which is something else the Democrats did.
The CLASS Act is a ponzi scheme. CMS notes that, “After 2015, as benefits are paid, the net savings from this program will decline; in 2025 and later, projected benefits exceed premium revenues, resulting in a net Federal costs in the longer term.”
The report goes on to say that the CLASS program is likely to be used by those with more health problems, meaning it faces “a significant risk of failure as a result of adverse selection of participants.”
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