Obamacare Now Estimated to Cost $2.6 Trillion in First Decade

[Mav88]

We're probably adding a few hundred thousand new drivers every year, is the auto insurance sector crumbling under the cost? Are auto insurance premiums for current drivers ballooning because of those additions

and they are paying, Ricter do you really think this is a valid comparison? and if it is do you realize that some people lose their license when they are uninsurable? I look forward to your explaination of how we are going to kick the uninsurable out of the health care pool.

 

[Mav88]

Why do some people continue to believe the fantasy that CBO is some sort gold standard. CBO is atrocious

http://www.forbes.com/sites/paulrod...timates-really-the-gold-standard-of-accuracy/

we know one thing about ALL big government health programs: they almost always cost more than they advertise.

Medicare (hospital insurance). In 1965, as Congress considered legislation to establish a national Medicare program, the House Ways and Means Committee estimated that the hospital insurance portion of the program, Part A, would cost about $9 billion annually by 1990.v Actual Part A spending in 1990 was $67 billion. The actuary who provided the original cost estimates acknowledged in 1994 that, even after conservatively discounting for the unexpectedly high inflation rates of the early ‘70s and other factors, “the actual [Part A] experience was 165% higher than the estimate.”

Medicare (entire program). In 1967, the House Ways and Means Committee predicted that the new Medicare program, launched the previous year, would cost about $12 billion in 1990. Actual Medicare spending in 1990 was $110 billion—off by nearly a factor of 10.

Medicaid DSH program. In 1987, Congress estimated that Medicaid’s disproportionate share hospital (DSH) payments—which states use to provide relief to hospitals that serve especially large numbers of Medicaid and uninsured patients—would cost less than $1 billion in 1992. The actual cost that year was a staggering $17 billion. Among other things, federal lawmakers had failed to detect loopholes in the legislation that enabled states to draw significantly more money from the federal treasury than they would otherwise have been entitled to claim under the program’s traditional 50-50 funding scheme.

Medicare home care benefit. When Congress debated changes to Medicare’s home care benefit in 1988, the projected 1993 cost of the benefit was $4 billion. The actual 1993 cost was more than twice that amount, $10 billion.

Medicare catastrophic coverage benefit. In 1988, Congress added a catastrophic coverage benefit to Medicare, to take effect in 1990. In July 1989, the Congressional Budget Office (CBO) doubled its cost estimate for the program, for the four-year period 1990-1993, from $5.7 billion to $11.8 billion. CBO explained that it had received newer data showing it had significantly under-estimated prescription drug cost growth, and it warned Congress that even this revised estimate might be too low. This was a principal reason Congress repealed the program before it could take effect.

SCHIP. In 1997, Congress established the State Children’s Health Insurance Program as a capped grant program to states, and appropriated $40 billion to be doled out to states over 10 years at a rate of roughly $5 billion per year, once implemented. In each year, some states exceeded their allotments, requiring shifts of funds from other states that had not done so. By 2006, unspent reserves from prior years were nearly exhausted. To avert mass disenrollments, Congress decided to appropriate an additional $283 million in FY 2006 and an additional $650 million in FY 2007.

http://www.cato.org/pubs/tbb/tbb-58.pdf

If you don't think this is yet another train wreck, then you are willfully stupid, or you simply have faith in liberal religion- same thing

 

[PHOENIX TRADING]

Quote from Ricter:

1)We're probably adding a few hundred thousand new drivers every year, is the auto insurance sector crumbling under the cost? 2) Are auto insurance premiums for current drivers ballooning because of those additions?

Man! what a STUPID question.

1)Since the auto-insurance industry actually bills the insured person in question (not covered by govt dictate) they (the insurance companies ) seem to do just fine with handling more customers.

2a) Refer back to #1 , insurance companies bill the actual person in question and yes young drivers have notoriously higher rates.

Of course if ins companies could not charge higher rates for these people individually:
1) Then general rates would be going up.
or
2) coverage/ payout rates drop
or
3) The insurance company closes it's doors and sticks the taxpayer with the inherent losses.


Now which part do you not understand?

 

[gwb-trading]

Quote from achilles28:

That's bullshit. Look at the CBO's own cost projections here:

http://cbo.gov/sites/default/files/cbofiles/attachments/03-13-Coverage Estimates.pdf

Table 2. On page 11.

Provisions in Obamacare don't start until 2014. And most don't start until 2016. Look at the average estimated cost from 2016, onward = ~150-160 Billion, per year. IWO, 1.6 Trillion, over 10 years.

Now that's the CBO projections, which 9 times out of 10, are complete horseshit. They always overstate growth and tax revenue, and understate costs.

So we are looking at the exact same table in the exact same document.

The column on the far right (11 Year Total - 2012-2022) is the total net cost. Please look at the figure at the bottom? What does it say - $1,252B - Exactly the number I said.

 

[Ricter]

Quote from Mav88:

and they are paying, Ricter do you really think this is a valid comparison? and if it is do you realize that some people lose their license when they are uninsurable? I look forward to your explaination of how we are going to kick the uninsurable out of the health care pool.

First, no one is uninsurable. Second, make it a valid comparison; get our youth back to work with jobs so that they can pay their premium. Last time I looked, my Canadian health care was $40 a month. Seriously.

 

[PHOENIX TRADING]

Quote from Ricter:

Last time I looked, my Canadian health care was $40 a month. Seriously.

SERIOUSLY? And who do you think pays the rest of the expense :the fricken tooth fairy?

 

[Mav88]

First, no one is uninsurable

Really? http://www.autoinsurancetips.com/what-means-labeled-“uninsurable”

These individuals are often labeled “uninsurable.” To be labeled uninsurable by auto insurance companies can mean several things. It usually means that you:

• Have been involved in an excessive number of auto accidents within a one year period
• Have been convicted of multiple DUI/DWIs within a one to three year period
• Have been convicted of reckless driving several times or more within a one to three year period
• Have been denied insurance a large number of standard, non standard, and high risk auto insurance companies

 

[achilles28]

Quote from gwb-trading:

So we are looking at the exact same table in the exact same document.

The column on the far right (11 Year Total - 2012-2022) is the total net cost. Please look at the figure at the bottom? What does it say - $1,252B - Exactly the number I said.

Can you read? The majority of Obamacare provisions don't start until 2016. Look at the annual cost from 2016 onwards. Comparing the cost from 2012 is a marketing pitch. Outlays don't even start until 2014, numbnuts!

 

[gwb-trading]

Quote from achilles28:

Can you read? The majority of Obamacare provisions don't start until 2016. Look at the annual cost from 2016 onwards. Comparing the cost from 2012 is a marketing pitch. Outlays don't even start until 2014, numbnuts!

I can read, but apparently you can not. The Republican chart that started this thread shows the costs from 2013-2023 as being $2.3T. The CBO summary shows the 2012-2023 (one year earlier included) as being 1.252 T. The comparison of any of the other time frames from your Republican chart to the official CBO data shows the Republican chart is 2x the CBO values. You can compare 2014 to 2023 or any other time range by adding up the values. Same result - the Republican chart is way off the official estimates.

If you are opposed to Obamacare - fighting it by putting out fabricated data - that can easily be revealed as not correct, is not the way to get it repealed. Very bad, and idiotic move by Republicans on Capital Hill.

 

[BSAM]

Quote from achilles28:

This settles it. Nobody on the right believed Obamacare would *save* money. The current Budget Committee estimate now stands at 260 Billion, per year. This is financial suicide....

Brother Achilles, I don't think you quite understand.
It's all about politics and power and winners and losers, politically.
It's got nothing to do with what's good for the USA.
You just got to start thinking like a Democrat.