CBO Report: Obamacare to Cost Government $50K Per Person
A bombshell report from the Congressional Budget Office reveals that it will cost the federal government $50,000 for every person who gets health insurance under Obamacare law.
According to the Daily Mail.com, the astounding figure was “buried” in a 15-page section of the nonpartisan organization’s budget forecast for the next 10 years.
The CBO said that in a best-case scenario, “‘between 24 million and 27 million” fewer Americans would be uninsured in 2025, compared to the year before the Affordable Care Act was implemented, the Mail noted.
And the report estimated that the price tag for insuring that number of people would be about $1.35 trillion — or $50,000 per person.
The CBO says it cost $1.993 trillion for insurance subsidies to struggling Americans, and to pay for a widespread expansion of Medicaid and Children’s Health Insurance Program.
The amount would be offset by $643 billion in new taxes, penalties and fees related to the Obamacare law, according to the report, the newspaper said.
The “taxes” include fines for people who refuse to buy medical insurance as well as the levy on a controversial medical device tax that the GOP-run Congress hopes to eliminate.
The CBO and the Joint Committee on Taxation, which consists of members from both houses of Congress, prepared the report on the long-term outlook for the federal budget, according to the Mail.
The report said that “‘the net costs of the coverage provisions of the [Affordable Care Act] will rise sharply as the effects of the act phase in from 2015 through 2017.”
It also said that the Obamacare costs will “rise steadily through 2022” before leveling off for three years. But even then, Obamacare will cost the government “about $145 billion.”