CBO Report - Obamacare to cost only twice as much as promised

The Congressional Budget Office (CBO) has announced that the price tag of Obamacare has nearly doubled to a whopping $1.76 trillion over the next 10 years. The only news here is that anyone would be surprised.

WASHINGTON, DC (Catholic Online) - In September 2009, the President announced that his healthcare plan would cost $900 billion over 10 years. (Paragraph 50 of the President's remarks.)

Read the President's remarks here.
Read the full CBO report here.

Today, the CBO is projecting that the cost will nearly double to 1.76 trillion within the same time period. 

This was the famous speech where Rep. Joe Wilson (R-SC) shouted, "you lie!" at Obama.

In fairness to the President, the full 10 years estimates were not available at that time, however such a caveat was not made to the public as the plan was pitched. In fact, even now a true 10-year cost estimate isn't fully available, and won't be until 2013. 

Unless the Supreme Court overturns the law.

Part of the problem is the weak economy. Rather than the rosy picture commonly portrayed in the media, the recession continues for Main Street America. And while hiring is hinting at an uptick for 2012, the economy will certainly remain weak for a long time to come. As such, many individuals will be compelled to use Medicaid, raising the cost to the government - and taxpayers. 

In addition to the higher cost, the CBO is also estimating that the coverage will be less comprehensive than originally promised. At least two million fewer people will now be covered under the new law. 

Another promise of the health-care proposal is that the government would not be taking over health care. But new estimates from the CBO say that 3 million fewer people will have insurance via their employers and 17 million Americans will enroll for Medicaid benefits. Another 22 million will start finding coverage through government managed health exchanges. 

And while that may not be an absolute takeover of medical care, it is certainly a dramatic development. 

Perhaps Rep. Wilson had a point after all.

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