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New CBO Report: Obama Continues To Strike Out On His Health Care Promises

- July 24, 2012

Obama Promised That Health Care Reform Would Not Cost More Than A Trillion Dollars

PROMISE: In 2009, Obama Promised That ObamaCare Would “Cost Roughly $900 Billion, 800 To 900.” OBAMA: “Now, what I've proposed is going to cost roughly $900 billion, 800 to 900. That's a lot of money. Keep in mind it's over 10 years. So when you hear some of these figures thrown out there, this is not per year; this is over 10 years. So let's assume it's about $80 billion a year. It turns out that about two-thirds of that could be paid for by eliminating waste in the existing system.” (President Barack Obama, Remarks At A Town Hall Meeting, Grand Junction, CO, 8/15/09)

BROKEN: Congressional Budget Office: ObamaCare’s Coverage Provisions To Cost $1.68 Trillion By 2022, Nearly Double What Obama Said It Would Cost. (“Updated Estimates For The Insurance Coverage Provisions Of The Affordable Care Act Updated For The Recent Supreme Court Decision,” Congressional Budget Office, 7/24/12)

The Congressional Budget Office Estimates That The Cost For ObamaCare’s Insurance Coverage Provisions Is $1,168 Billion. “CBO and JCT now estimate that the insurance coverage provisions of the ACA will have a net cost of $1,168 billion over the 2012–2022 period—compared with $1,252 billion projected in March 2012 for that 11-year period—for a net reduction of $84 billion.” (“Updated Estimates For The Insurance Coverage Provisions Of The Affordable Care Act Updated For The Recent Supreme Court Decision,” Congressional Budget Office, 7/24/12)

  • ObamaCare Contains $515 Billion In Taxes And Penalties. “Those gross costs are offset in part by $515 billion in receipts from penalty payments, the new excise tax on high-premium insurance plans, and other budgetary effects (mostly increases in tax revenues stemming from changes in employer-provided insurance coverage).” (“Updated Estimates For The Insurance Coverage Provisions Of The Affordable Care Act Updated For The Recent Supreme Court Decision,” Congressional Budget Office, 7/24/12)

Obama Promised That ObamaCare Would Lower American’s Premiums

PROMISE: Obama: “This Law Will Lower Premiums.” (President Obama, Remarks At The 2011 Families USA Health Action Conference, Washington, D.C., 1/28/11)

BROKEN: The CBO Estimates That Health Care Premiums Will Increase 7.7 Percent Annually. “The additional enrollees are likely to spend more on health care, on average, than those previously expected to purchase insurance through the exchanges because people with lower income generally have somewhat poorer health. As a result, CBO and JCT now estimate that the premiums for health insurance offered through the exchanges, along with premiums in the individual market, will be 2 percent higher than those estimated in March 2012.” (“Updated Estimates For The Insurance Coverage Provisions Of The Affordable Care Act Updated For The Recent Supreme Court Decision,” Congressional Budget Office, 7/24/12)

  • In March 2012, The CBO Estimated That Premiums Would Increase 5.7 Percent A Year. “CBO now projects that private health insurance premiums per enrollee will increase by 5.7 percent per year, on average, between 2012 and 2022. By 2021, premiums are now estimated to be about 8 percent lower than CBO estimated in March 2011.” (“Updated Estimates For The Insurance Coverage Provisions Of The Affordable Care Act,” Congressional Budget Office, 3/13/12)

FactCheck.org: ObamaCare “Falls Short Of Making Health Care ‘Affordable And Available To Every Single American,’ As Promised.” “Furthermore, the law falls short of making health care ‘affordable and available to every single American,’ as promised. The law provides subsidies to help some Americans buy insurance, expands Medicaid and doesn’t allow insurance companies to exclude persons with preexisting conditions. But still, the director of the nonpartisan Congressional Budget Office projected 23 million persons will remain uninsured — some because they can’t afford coverage.” (D’Angelo Gore, “Promises, Promises,” FactCheck.org, 1/4/12)

  • FactCheck.org: ObamaCare Is Actually Making Health Care “Less Affordable.” “At the moment, the new law is making health care slightly less affordable. Independent health care experts say the law has caused some insurance premiums to rise. As we wrote in October, the new law has caused about a 1 percent to 3 percent increase in health insurance premiums for employer-sponsored family plans because of requirements for increased benefits. Last year’s premium increases cast even more doubt on another promise the president has made — that the health care law would ‘lower premiums by up to $2,500 for a typical family per year.’” (D’Angelo Gore, “Promises, Promises,” FactCheck.org, 1/4/12)
  • The Washington Post’s The Fact Checker: “Insurance premiums have gone up, in part because of new benefits mandated by the law.” (Glenn Kessler, “The Fine Print In Obama’s ‘Promises Kept’ Ad,” The Washington Post’sThe Fact Checker,” 1/6/12)

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