The ObamaCare Tax Increase
WSJ BEST OF THE WEB TODAY
Updated July 25, 2012, 12:39 p.m. ET
By JAMES TARANTO
The Congressional Budget Office has revised its estimates of the effects of ObamaCare, taking into account last month's Supreme Court decision that upheld most of the law. The office found that "of the 33 million people who had been expected to gain coverage under the law, 3 million fewer" now will because of changes in Medicaid., the New York Times reports. By 2022, CBO predicts, "30 million people will be uninsured." Universal health care, baby!
Here are the revenue and spending numbers:
With the expected changes as a result of the court decision, the budget office said the law would cost $84 billion less than it had previously predicted.
"The insurance coverage provisions of the Affordable Care Act will have a net cost of $1.168 billion over the 2012-2022 period--compared with $1.252 billion projected in March 2012 for that 11-year period--for a net reduction of $84 billion," or about 7 percent, the budget office said.
In addition, the budget office said that repealing the health care law would add $109 billion to federal budget deficits over the next 10 years. Specifically, it said, repeal of the law would reduce spending by $890 billion and reduce revenues by $1 trillion in the years 2013 to 2022.
Now, how can it "cost" money to repeal a massive new entitlement? Well, the entitlement comes with even more massive new taxes. So right now the prospect of cutting taxes is serving as an argument against cutting spending. The logic of Grover Norquist's "starve the beast" philosophy has never seemed clearer.
Here are the revenue and spending numbers:
With the expected changes as a result of the court decision, the budget office said the law would cost $84 billion less than it had previously predicted.
"The insurance coverage provisions of the Affordable Care Act will have a net cost of $1.168 billion over the 2012-2022 period--compared with $1.252 billion projected in March 2012 for that 11-year period--for a net reduction of $84 billion," or about 7 percent, the budget office said.
In addition, the budget office said that repealing the health care law would add $109 billion to federal budget deficits over the next 10 years. Specifically, it said, repeal of the law would reduce spending by $890 billion and reduce revenues by $1 trillion in the years 2013 to 2022.
Now, how can it "cost" money to repeal a massive new entitlement? Well, the entitlement comes with even more massive new taxes. So right now the prospect of cutting taxes is serving as an argument against cutting spending. The logic of Grover Norquist's "starve the beast" philosophy has never seemed clearer.
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