Some republicans feel that defaulting won't be that bad

Started 11 months ago | Discussions thread
vadimraskin
Senior MemberPosts: 3,545Gear list
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Re: Well of course
In reply to rb59020, 11 months ago

rb59020 wrote:

PolitiFact

"The Congressional Budget Office, the nonpartisan analytical arm of Congress, has calculated the gross cost of Obamacare’s coverage provisions at approximately $1.8 trillion over the same 10-year period. These costs include spending on increased payments for Medicaid and the Children’s Health Insurance Program, subsidies for insurance purchased on the newly created marketplaces, and tax credits for small businesses. (The CBO figure would be $1.2 trillion if you exclude Medicaid and CHIP on the theory that they’re expansions of existing entitlements, rather than new entitlements.)"

I don't believe these numbers either, but probably not for the same reason no doubt. I think they are way to low. How many Federal entitlement programs actually cost less than advertised?

In 2010 when the law was shoved down are throats the est. was $928 billion .

From the same article:

"That said, there are still problems with Chambliss’ methodology. While Medicare and Obamacare are both health insurance programs, the cost of medical care has skyrocketed since the mid 1960s. So counting the 10-year costs for any medical program starting in 2014 will inevitably produce a much higher cost than the first 10 years of a medical program that started in 1966. This biases the comparison.

Also, Chambliss’ comparison doesn’t factor in population growth. The universe of possible Social Security beneficiaries in 1940 -- those 65 or older -- was just 12 million. By comparison, by 2022, CBO expects 22 million people to obtain insurance on the Obamacare exchanges and an additional 17 million people to obtain insurance through the law’s expansion of Medicaid and the Children’s Health Insurance Program. Combined, that’s a universe of beneficiaries three times larger than those who might have qualified for Social Security in 1940.

So Chambliss’ comparison is not apples to apples.

Our ruling

Chambliss said that with Obamacare, "we're fixing to get hit with the biggest entitlement program the American taxpayers have ever seen."

Measured by the most obvious standard -- whether there’s ever been a bigger entitlement program -- Obamacare is hardly the biggest. Over the next 10 years, Obamacare ranks no higher than fourth, trailing Social Security, Medicare and Medicaid. If you use a less obvious standard -- restricting it to the initial projected costs for the first 10 years of any entitlement program -- Obamacare does rank as the biggest as a percentage of GDP, though that’s shaped by differences in population growth and medical inflation that make comparisons questionable. We rate his statement Mostly False."

it always pays to cite the ENTIRE article, not just the convenient part that suits your point

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