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CBO Updates ObamaCare Cost: $1.76 Trillion Over 10 Years

The original price-tag of ObamaCare was $940 billion. Now it has nearly doubled to $1.76 trillion. So why the increase?

Since the majority of ObamaCare doesn’t go into effect until 2014, the first four years essentially costed zero. That original $940 billion price tag was for only six years, starting in 2014. Any smart politician would rather say it costed $940 billion rather $1.76 trillion. (Yes, both are bad.) So because of this, ObamaCare wasn’t scored for a full 10 years.

….This report also presents estimates through fiscal year 2022, because the baseline projection period now extends through that additional year. The ACA’s provisions related to insurance coverage are now projected to have a net cost of $1,252 billion over the 2012–2022 period (see Table 2, following the text); that amount represents a gross cost to the federal government of $1,762 billion, offset in part by $510 billion in receipts and other budgetary effects (primarily revenues from penalties and other sources). The addition of 2022 to the projection period has the effect of increasing the costs of the coverage provisions of the ACA

The CBO also announced more great news.

President Obama’s healthcare reform law coverage provisons will cost less but cover fewer people than first thought, the nonpartisan Congressional Budget Office said Tuesday.

The revised estimate of the law’s coverage provisions shows about 2 million fewer people gaining coverage by 2016, reducing the number of uninsured Americans by 30 million instead of the 32 million projected a year ago. That would leave about 27 million people uninsured in 2016, two years after the law’s insurance exchanges go online.

So even though the core of ObamaCare is to provide health insurance to all Americans, the CBO says that it in fact won’t do that.

Socialism at its best.