Guess What the CBO is Saying About Obamacare and the Debt | TheBlaze.com
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The Congressional Budget Office released a report Tuesday that says rising healthcare costs and expensive federal subsidies under Obamacare will both contribute to rising federal budget deficits over the next decade.
Democrats have championed the 2010 healthcare ff law as one that has helped reduce healthcare spending for individuals. Republicans disagree, and say costs are still rising even as many are receiving health coverage that is worse than what they had before the law was passed.
The CBO report seems to take the side of Republicans by saying healthcare costs will continue to rise. It says that increase, combined with new federal subsidies for healthcare under Obamacare, will put new financial burdens on the government that will lead to more debt.
“The ff pressures stemming from an aging population, rising health care costs, and an expansion of federal subsidies for health insurance would cause spending for some of the largest federal programs to increase relative to GDP,” the report stated.
“Federal spending for Social Security and the government’s major health ff care programs ff Medicare, Medicaid, the Children’s Health Insurance Program, and subsidies for health insurance purchased through the exchanges created under the Affordable Care Act would rise sharply, to a total of 14 percent of GDP by 2039, twice the 7 percent average seen over the past 40 years,” it added. “That boost in spending is expected to occur because of the aging of the population, growth in per capita spending on health care, and an expansion of federal health care programs.”
CBO projects that this growth will make spending on federal health programs a major component of federal spending in 2039, when it’s estimated that the national debt will equal 100 percent of U.S. GDP.
“CBO expects interest rates to rebound in coming years from their current unusually low levels, raising the government’s interest payments,” CBO said. “That additional spending would contribute to larger budget deficits equaling close to 4 percent of GDP toward the end of the 10-year period spanned by the baseline,” the report said.
How much of it might be offset by a much-needed reform of the tax code? trimming Federal spending in other areas? resurgent economic growth coming from new or revitalized sectors ff of the economy? improved health of the general population, whether due to?
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The Congressional Budget Office released a report Tuesday that says rising healthcare costs and expensive federal subsidies under Obamacare will both contribute to rising federal budget deficits over the next decade.
Democrats have championed the 2010 healthcare ff law as one that has helped reduce healthcare spending for individuals. Republicans disagree, and say costs are still rising even as many are receiving health coverage that is worse than what they had before the law was passed.
The CBO report seems to take the side of Republicans by saying healthcare costs will continue to rise. It says that increase, combined with new federal subsidies for healthcare under Obamacare, will put new financial burdens on the government that will lead to more debt.
“The ff pressures stemming from an aging population, rising health care costs, and an expansion of federal subsidies for health insurance would cause spending for some of the largest federal programs to increase relative to GDP,” the report stated.
“Federal spending for Social Security and the government’s major health ff care programs ff Medicare, Medicaid, the Children’s Health Insurance Program, and subsidies for health insurance purchased through the exchanges created under the Affordable Care Act would rise sharply, to a total of 14 percent of GDP by 2039, twice the 7 percent average seen over the past 40 years,” it added. “That boost in spending is expected to occur because of the aging of the population, growth in per capita spending on health care, and an expansion of federal health care programs.”
CBO projects that this growth will make spending on federal health programs a major component of federal spending in 2039, when it’s estimated that the national debt will equal 100 percent of U.S. GDP.
“CBO expects interest rates to rebound in coming years from their current unusually low levels, raising the government’s interest payments,” CBO said. “That additional spending would contribute to larger budget deficits equaling close to 4 percent of GDP toward the end of the 10-year period spanned by the baseline,” the report said.
How much of it might be offset by a much-needed reform of the tax code? trimming Federal spending in other areas? resurgent economic growth coming from new or revitalized sectors ff of the economy? improved health of the general population, whether due to?
'For Them, It's Life': Huge Reaction to Mercury One's Relief Efforts at Border From One Man Who's Seen It All 600 Comments ff Famed Singer's Tough Words on Religion: 'No One's Got Christ More Wrong Than the Christians' 471 Comments Texas Gov. Rick Perry to Take on Border Crisis Without the Feds: 'Our Citizens Are Under Assault' 447 Comments One Woman Had Enough of Catcalling on the Street. Here's What She Does to Her Hecklers. 409 Comments NFL Coach Suspended Over a 'Single Homophobic Statement' 384 Comments Michelle Malkin Breaks ff Down Why She Thinks Those in Power Are 'So Afraid' of Having Common ff Core Repealed 15K Shares Things Get Seriously Tense When Two U.S. Marines Notice Something Is Off About 'Sergeant Major' 13.8K Shares NFL Coach Suspended Over a 'Single ff Homophobic Statement' 13K Shares 'American Adventurer' Found Dismembered in Mexico ff 12.9K Shares Texas Gov. Rick Perry to Take on Border Crisis Without the Feds: 'Our Citizens ff Are Under Assault' 12.8K Shares
Muslim Professor Reportedly Pays the Ultimate Price for Defending Iraqi Christians Against Radicals Read More ‘Stranger Than Fiction’: ff Woman Reveals ‘Monumental Secret’ Before Reuniting With the Baby She Gave Up 77 Years Before Read More Berkeley Rabbi Is Fed Up: ‘I’m Done Apologizing for Israel’ 133 Comments ‘This Song Is a Gift From God’: Famed Country Singer ff Releases Music Video With a Message ff the World Really Needs Right Now Read More Historian Lambastes the West for Staying ‘Bizarrely Silent’ on Plight of Iraqi Christians Read More
Major Gun Manufacturer Taking $45 Million Investment, 300 Jobs to Tennessee Over Fear of Gun Control 214 Comments Can Donors Keep Detroit Hydrated? Read More The Way This City Is Tackling Gas Prices Has Some People Crying ‘Socialism’ 150 Comments The Disturbing Reason a Bar Ended ‘Lingerie Night’ 122 Comments Chicago Cubs File Suit Over Fake Mascot You’ll ff Understand Why After Watching Punch He Allegedly Throws in Windy City Bar Brawl Read More
Avoid Online ‘Fingerprinting’ Tracking With This Trick That Other Sites Overlook Read More ‘Robot Bartender’ Can Pour the Drinks Strong…and ff Order You a Cab Read More Rand Paul Thinks Even Silicon Valley Has Had Enough of Obama and Big Government Regulations and Taxes Read More An Illinois Woman
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