A new report from the Congressional Budget Office (CBO) said it will cost about $50,000 per person to insure every American under the Affordable Care Act (ACA) – otherwise known as Obamacare.
The Numbers Are In: Obamacare To Cost Us $50,000 Per Every New Sign-Up http://t.co/hRSynPeXXe
— Reagan Coalition (@ReaganCoalition) January 27, 2015
The CBO January 2015 Outlook on Obamacare, a 15-page section on the office’s lengthy budget outlook, asserts that at best, “24 million and 27 million” fewer Americans will be insured in 2025, compared to the year before Obamacare went into effect.
With that in mind, the report stated Obamacare would cost $1.993 trillion. Taxpayer money would be allocated towards insurance subsidies to anyone who qualifies, as well as an expansion of Medicaid and the Children’s Health Insurance Program (CHIP), reported The Daily Mail. The costs would be ever-so slightly offset by $643 billion in new taxes, penalties, and fees baked into the Obamacare law.
The total approximate cost: $1.35 trillion – or about $50,000 per American.
When President Obama addressed a joint session of Congress in 2009 shortly after his inauguration, he said his healthcare plan would only cost $900 billion over 10 years. The 44th president also pledged not to sign a single bill into law that raises the deficit.
CBO’s report was prepared with staff from the Joint Committee on Taxation (JCT). The estimates are labeled as “preliminary” and do not reflect CBO’s “updated economic projections, the most recent data on enrollment through insurance exchanges, or any federal administrative actions or decisions by states about expanding Medicaid coverage that have occurred since that time.”
On Monday, Ohio Attorney General Mike DeWine sued the Obama administration for a key Obamacare component, Cincinnati.com reported:
The suit challenges the Transitional Reinsurance Program, a part of the ACA that assesses fees on health insurance companies and certain employers – including state and local governments – who offer self-insured group health plans.
BCN editor’s note: This article first appeared at Western Journalism.