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Wednesday, February 6, 2013

CBO: Obamacare will cost 7 million workers healthcare coverage

So you thought government healthcare was going to be free and everyone would have it…now that they’ve passed it we are beginning to see what’s in the bill as Pelosi promised. It ain’t so pretty is it?

Remember what Reagan said "The nine most terrifying words in the English language are: 'I'm from the government and I'm here to help.'"

Seven million will lose insurance under Obama health law

By Stephen Dinan - The Washington Times February 5, 2013, 01:00PM

**FILE** President Obama pauses in the State Dining Room of the White House on Jan. 24, 2013, as he announces that he will nominate Mary Joe White to lead the Security and Exchange Commission and re-nominate Richard Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment. (Associated Press)

President Obama's health care law will push 7 million people out of their job-based insurance coverage — nearly twice the previous estimate, according to the latest estimates from the Congressional Budget Office released Tuesday.

CBO said that this year's tax cuts have changed the incentives for businesses and made it less attractive to pay for insurance, meaning fewer will decide to do so. Instead, they'll choose to pay a penalty to the government, totaling $13 billion in higher fees over the next decade.

But the non-partisan agency also expects fewer people to have to pay individual penalties to the IRS than it earlier projects, because of a better method for calculating incomes that found more people will be exempt.

Overall, the new health provisions are expected to cost the government $1.165 trillion over the next decade — the same as last year's projection.

With other spending cuts and tax increases called for in the health law, though, CBO still says Mr. Obama's signature achievement will reduce budget deficits in the short term.

During the health care debate Mr. Obama had said individuals would be able to keep their plans.

Read more: http://www.washingtontimes.com/blog/inside-politics/2013/feb/5/obama-health-law-will-cost-7-million/#ixzz2K7oOOWuK
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