$131 billion. These days numbers in the millions, billions and even trillions, have lost their shock value — but they shouldn’t. This is the amount of money the U.S. federal deficit will increase by over the next 10 years, thanks to Obamacare. A new report from the Republican Senate Budget Committee shows why things have gotten so bad.
A top Democrat aide called the report “garbage,” but we know better. And it’s not just the money it will cost, it’s the jobs. CBO reports that 2.5 million full-time employees will be forced out of their jobs by 2024 because of the law. It’s a double whammy our country doesn’t deserve.
When Obamacare was first passed, CBO estimated it would actually reduce the deficit but things didn’t exactly go as planned. Even though the Obama Administration claimed the law would be funded by 18 new taxes, that’s not enough — never mind the fact that most people aren’t too keen on this new “revenue.”
The Senate report considers changes made to Obamacare since 2012 and how those unexpected events completely shift the fiscal outcome. For example, not as many people signed up for Obamacare as the Administration hoped. Additionally, millions of people have had the Obamacare mandate penalty waived for a variety of reasons. These things, among others, decrease the amount of money the Administration was counting on for funding.
Meanwhile, the President continues to stress that “this thing is working.” Unfortunately for him, it’s quite clear that the law hasn’t “worked” tangibly or technically from the start. In 2009, Obama promised he would not “sign [Obamacare] if it adds one dime to the deficit, now or in the future, period.”
The future is here, Mr. President, and you have more dimes than one to account for now.
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