Free Markets, Free People

Daily Archives: March 14, 2012


Economic Statistics for 14 Mar 12

The following statistics were released today on the state of the US economy:

Export prices rose 0.4% in February, up 1.5% from last year. Import prices rose 0.4% for the month, up 5.5% for the year.

The Mortgage Bankers Assoc reports that overall mortgage applications fell -2.4%, with purchases up 4.4% and refinancing down -4.1%.

The nation’s 4Q 2011 current account deficit totaled $124.1 billion, up from a revised $107.6 billion in 3Q.

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Dale Franks
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ObamaCare bait and switch: CBO raises 10 year cost to $1.76 trillion

Remember when Nancy Pelosi, Harry Reid, the Democratic Congress and Barack Obama all told us that the cost of ObamaCare would only be $900 billion?  And because of that, Obama said it “saved” us money.  He also said that if it had been more than that, he wouldn’t have signed it.

Well, as the critics rightly pointed out, it was always more than that.  It was just hidden from view, because of the way Democrats structured the law to hide most expenditures for a few years.  That way, the CBO, who was charged with scoring it, would score it below a trillion dollars because the CBO, by law, can only score a law within a 10 year window. 

Democrats employed many accounting tricks when they were pushing through the national health care legislation, the most egregious of which was to delay full implementation of the law until 2014, so it would appear cheaper under the CBO’s standard ten-year budget window and, at least on paper, meet Obama’s pledge that the legislation would cost "around $900 billion over 10 years." When the final CBO score came out before passage, critics noted that the true 10 year cost would be far higher than advertised once projections accounted for full implementation.

Today, the CBO released new projections from 2013 extending through 2022, and the results are as critics expected: the ten-year cost of the law’s core provisions to expand health insurance coverage has now ballooned to $1.76 trillion. That’s because we now have estimates for Obamacare’s first nine years of full implementation, rather than the mere six when it was signed into law. Only next year will we get a true ten-year cost estimate, if the law isn’t overturned by the Supreme Court or repealed by then. Given that in 2022, the last year available, the gross cost of the coverage expansions are $265 billion, we’re likely looking at about $2 trillion over the first decade, or more than double what Obama advertised.

“More than double”.  We were flat lied too.  We’re now stuck with another outrageously expensive entitlement program we can’t afford barring repeal or judicial overturn.

And yet, after the most deceitful, least transparent and most abusive legislative process I’ve ever seen used, you’re going to be asked to trust this guy with another 4 years at the helm.

~McQ

Twitter: @McQandO