The big ObamaCare news this week isn’t really “news” to anyone who was smart enough to see through the President’s obfuscations and fraudulent accounting when ObamaCare was being rammed down our throats. No group has ever been more utterly vindicated than ObamaCare critics, who were right about absolutely everything they said.
One of Obama’s sleaziest tricks was front-loading revenue into ObamaCare, while deferring expenses for as long as possible. This made it look like it would cost a lot less than it actually would. How much less? Oh, about half as much as the true cost… and that’s according to estimates from a government agency known for its extreme caution and static analysis methods.
The Congressional Budget Office does 10-year forecasts, so now that it’s 2012, they’re looking out to 2022, when some of the biggest fiscal damage from ObamaCare reveals itself. What they found is very ugly indeed, as Fox News reports:
In a largely overlooked segment of the CBO’s update to the budget outlook released Tuesday, the independent arm of Congress found that the bill will cost $1.76 trillion between now and 2022.
That only counts the cost of coverage, not implementation costs and other changes.
“The bill spends more than the president promised, it covers fewer people — probably 2 million fewer people — and it taxes more than was expected,” said Sen. Jeff Sessions, R-Ala., ranking member on the Senate Budget Committee.
What if we throw in those implementation costs? Where does that leave us, Senator Sessions?
“The full accounting of the bill is $2.6 trillion. That’s a fair and accurate analysis of what the bill would cost, according to CBO,” Sessions said, noting how the cost dwarfs the fight over the 10-year debt reduction plan debated last year.
“We spent a whole summer fighting over a way to reduce spending by $2.1 trillion and here this bill is going add $2.6 trillion more in spending.”