Obamacare is now over a year old, and every day we learn more about just how bad this law is. Today, Senators John Cornyn and Orrin Hatch released the results of an analysis they commissioned last fall from the Center for Medicare and Medicaid Services' (CMS) Office of the Actuary (OACT). It paints an even bleaker picture of what this law will cost taxpayers, and it shines more light on Obama's false claims that Americans could keep the health coverage they already have.
When combined with the new Medicaid spending, OACT found that the total costs of the new health law could reach $1.56 trillion just through 2021.
Additionally, OACT's sensitivity analysis found that:
- If just 50 percent of employers drop coverage, an additional 13.9 million Americans would lose their employer sponsored insurance, despite the President's repeated promises that Americans could "keep what they have."
- Under OACT's original estimates, taxpayers would spend $45 billion for benefits that employers were already providing on their own.
- Additionally, OACT found Medicaid spending will be far higher than initially estimated: $410.3 billion (2010-2019) to $725.3 billion (2010-2021).
I signed the Club for Growth's Repeal It pledge because we can't afford this job-killing health care bill.
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