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CBO Bombshell

Tam

Well-known member
The CBO just released a new report on Obamacare and it reported Obamacare will cost 3 times what it was originally predicted to cost and will put a trillion dollars on the deficit

AND will cause the lose of at least 2.3 million jobs to the US economy.


Can the Republicans now say WE TOLD YOU SO. They said it was going to cost A LOT more that Obama, Reid and Pelosi promised and IT IS A JOB KILLED.
 

Mike

Well-known member
The new healthcare law will slow economic growth over the next decade, costing the nation about 2.5 million jobs and contributing to a $1 trillion increase in projected deficits, the Congressional Budget Office said in a report released Tuesday.

The non-partisan agency’s report found that the healthcare law’s negative effects on the economy will be “substantially larger” than what it had previously anticipated.

The CBO is now estimating that the law will reduce labor force compensation by 1 percent from 2017 to 2024, twice the reduction it previously had projected.

This will decrease the number of full-time equivalent jobs in 2021 by 2.3 million, CBO said. It had previously estimated the decrease would be 800,000.

The budget scorekeeper said this decrease would be caused partly by people leaving the workforce in response to lower wages offered by employers, and increased insurance coverage through the healthcare law.

The agency also said employer penalties in the law will decrease wages, and that part-year workers will be slower to return to the work force because they will seek to retain ObamaCare insurance subsidies.

"All our analysis led us to conclude the effects of the [healthcare law] on labor force participation would be a good deal larger than we had though originally," CBO Director Doug Elmendorf said. "Fundamentally, the Affordable Care Act provides subsidies to lower income people and those subsidies phase out ... that will have some effects on discouraging labor supply."

The healthcare law isn’t the only reason the CBO is projecting slower economic growth between 2014 and 2023, however. It also cited inflation and lower productivity as reasons why it was lowering its projections.

The slower growth will mean less tax revenue, which will add to the deficit. Instead of adding $6.3 trillion in deficits from 2014 to 2023, the government will add $7.3 trillion, CBO now projects.

By 2023, the gross debt of the United States will be $26 trillion, up from a projected $25 trillion. A year later the debt will rise to $27 trillion as the $1.074 trillion deficit for fiscal 2024 is added in.

“Most of the increase in projected deficits results from lower projections for the growth of real GDP and for inflation, which have resulted in projected revenues between 2014 and 2023 by $1.4 trillion,” CBO explained.

Rep. Paul Ryan (R-Wis.), the chairman of the House Budget Committee, said lawmakers must address the nation's long-term fiscal outlook.

"Washington can't continue to ignore the problem: trillions of dollars in empty promises. And Obamacare is only making things worse. This costly law is not only pushing government spending to new heights; it is disrupting coverage and leaving millions of Americans worse off," Ryan said.

CBO now thinks the economy will grow at 3.1 percent in this fiscal year, which ends in October, rather than the 3.4 percent growth it predicted last year.

The unemployment rate is projected to fall to 6.7 percent by the end of the year, much lower than the 7.6 percent CBO saw for 2014 previously. The budget office does not see unemployment falling below 6 percent for the rest of President Obama’s term, however.

In the near term, the CBO is projecting smaller deficits.

The budget office says that legislation enacted since last May has reduced deficits by $400 billion.

For 2014, the deficit is slated to be $514 billion, an improvement of $46 billion from last year’s projection.

In 2015, the deficit falls to $478 billion. That is still higher than the last full year of the Bush administration when the deficit was $458 billion, but it is a steep drop from the $1 trillion deficits of most of the Obama years.

CBO also said the botched ObamaCare rollout will result in 6 million people signing up for coverage through the insurance exchanges this year, 1 million fewer than projected last year.

One million fewer people will enroll in Medicaid and children's health insurance through the healthcare law, and 1 million more people will be uninsured in 2014.

What say you, Fatsquatch? :lol: :lol: :lol: :lol:
 

Steve

Well-known member
By 2023, the gross debt of the United States will be $26 trillion, up from a projected $25 trillion


it's already 17 trillion.. at the current rate,.. it will be 20+ trillion by the time Obama leaves office in 2016.



the only way the rate of increase would slow is if the CBO is predicting a conservative republican Tea Party member Wins the house, senate and Presidency. .

otherwise those numbers are woefully underestimated..
 

Tam

Well-known member
What is the likelihood of the debt not being much higher when the Republicans wanted to cut $40 billion from the food stamp budget and after a year of negotiating the bill with the Dems. only got about 8 billion in cuts and they come out saying it is a step in the right direction.



Boehner needs to go and get somebody in there that realize what a $17.3 trillion debt is going to do to National Security of the US. As long as he is to weak to stop the Dems gimme gimme gimme vote buying projects the Republicans will never get back power enough to turn the tides of ocean of debt. :mad:
 

Tam

Well-known member
SO according to Obama's economic Advisor this report is a good thing as it gives workers more options as they can keep their full time job and pay their way as in paying the full tag for healthcare insurance and higher taxes OR they can take a part time job making far less, paying no tax which will make them qualified for an Obamacare subsidy, and take the extra time and spent it will their loved ones.

Yep 2.5 million more Democrat Sofa sitters living off the fewer and fewer actual tax payers, that sounds like great economic advice to stop the US from going Bankrupt. Where in sam h*ll does Obama find these idiots. :roll:
 

Tam

Well-known member
Here I thought Obama's answer for income inequality was to take from the rich and give to the poor but if this was the plan for Obamacare I'm guessing it was making more people sit on their azzes all day and live in poverty. :roll:
 

hypocritexposer

Well-known member
Tam said:
Here I thought Obama's answer for income inequality was to take from the rich and give to the poor but if this was the plan for Obamacare I'm guessing it was making more people sit on their azzes all day and live in poverty. :roll:

"Sign up for obamacare, we'll send you a FREE recliner, so you can watch obama on MSNBC, letting you know how much your life situation has improved"

"Act now, and we will also send you a bag of Cheetos, an obamaphone, and a FREE abortion kit."

***DISCLAIMER*** Use of enough abortion kits may make you feel that you are qualified to run for Congress. Vote Fluke 2014 (Don't worry about gettin out to vote, we're going to stuff the ballot boxes with names of dead voters)



:lol:
 

Steve

Well-known member
What happened to all those liberals that used to claim it will reduce the deficit?



Deficit-Reducing Health Care Reform

n keeping with the President’s pledge that reform must fix our health care system without adding to the deficit, the Affordable Care Act reduces the deficit, saving over $200 billion over 10 years and more than $1 trillion in the second decade.
http://www.whitehouse.gov/economy/reform/deficit-reducing-health-care-reform

well there you have it right out of the
stock-photo-kiss-my-ass-an-angry-political-donkey-wearing-lipstick-and-a-red-white-and-blue-hat-with-a-100100543.jpg
 

Tam

Well-known member
Extending coverage to 34 million Americans: For the first time in the nation’s history, the Affordable Care Act ensures that every American has access to quality affordable health coverage. By offering support to purchase coverage in newly created marketplaces or Exchanges and expanding Medicaid, the Affordable Care Act will extend health coverage to 34 million Americans.


CBO now expects the law will lead to 25 million people getting health insurance, while some 31 million people will remain uninsured.

What will a difference of 9 million do to the predicted premiums and what the Insurance companies will have to do to cover for that lack of 9 MILLION enrollees.

And will Obamacare ever reach their claimed 34 million when as of Jan they have only extended coverage to 360,000 NEW people. The rest being those that had insurance and lost it due to Obama's mandated requirements?

I had to laugh this morning when they were talking on FOX about the split in the Democrat party over Obamacare and the Dem claimed the party is as united as he has ever seen and he has been in politics for 25 years. REALLY if they are so UNITED why are 2014 Dem candidates refusing to be seen with Obama and why is Obama pulling Bill Clinton in to talk with the Candidates and make a plan for their 2014 elections? :?
 

backhoeboogie

Well-known member
hypocritexposer said:
this must be part of his "war on income inequality"

Communism with 37% of Americans supporting it.

When I was a kid in the 60's being a "Commie" was a bad thing. Now they just have a new name for Commie.

They won't get an education. They won't get a job. They sit around being rewarded for making babies. Stealing and scheming while drawing welfare that they feel is owed to them.

There are a few on welfare for the right reasons and they have to suffer because of the abuse from others. Obama takes these few and makes a case for the abusers.

Sooner or later we will have to go to war, with ourselves.
 

Tam

Well-known member
Every time I hear a Dem talking about how people will starve to death if they so much as cuts a few billion from an exploding program all I can think of is the Surfer DUDE in California surfing all day and eating lobster and sushi thanks to his food stamp card. Living the high life smoking his medical marijuana and sleeping on his friends sofa until he is asked to leave then he moves to the next friends sofa.

When it is pointed out that there is abuse in the system their answer is But if we do anything about the abuse someone that does need it might suffer so it is better to just forget the investigation into the abuse and give it to anyone asking.

Social Programs are a way of life for way to many and as long as the Government keeps ALLOWING ABUSE there will always be those to stupid and lazy to get a job and stop being a weight around the necks of those willing to better themselves through WORK.

AND THE DEMS SUPPORT AND ENCOURAGE, IT THROUGH OBAMACARE, THIS MIND SET AS THAT IS THEIR VOTING BASE. :mad:
 
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