Editor: Imagine if every federal expenditure not authorized under the Constitution were eliminated!
… We would have immediate budget surpluses: we could pay off the national debt in a few short years; states, local communities and individuals would get to keep far more money to be the kind of people we want to be; we’d have ample money to educate our children and take care of our neighbors in need as our God would have us do.
When ObamaCare was passed we were told great news: it’ll reduce the deficit!
How a spending bill will reduce the deficit you ask? Play around with the numbers a bit, of course.
ObamaCare was passed in 2010 but didn’t go into effect until 2014, so early Congressional Budget Office (CBO) projections of its costs a decade into the future were truly only capturing six years of spending but ten years of tax collections to fund the new law.
So no surprise that when the law is actually in effect the numbers change quite a bit, and new CBO projections tell us that an ObamaCare repeal would in fact reduce the deficit. As reported by The Hill:
A GOP-led effort to repeal the biggest parts of ObamaCare would cost about $42 billion less than previously expected, saving more than a half-trillion dollars over a decade, the congressional budget scorekeeper said Monday.
Legislation to gut most of ObamaCare’s mandates and taxes, known as Restoring Americans’ Healthcare Freedom Reconciliation Act, would reduce the deficit by $516 billion over 10 years, according to the Congressional Budget Office (CBO).
The bill is expected to get a vote in the House this week, and it has already been approved by the Senate. President Obama has said he would veto the bill.
ObamaCare has done nothing to contain healthcare costs for the average American, with most seeing premium increases of 20-30%. In perspective, the President promised $2,500 in savings for the average family.
Repealing ObamaCare would be a relief to the checkbook of both the citizens and the Federal Government.
About Analytical Economist
The Analytical Economist is a freelance financial, political, and economics writer. His work has appeared in a variety of publications, including National Review, the Foundation for Economic Education, Ludwig von Mises Institute, among many others.