There has been much back and forth about how much healthcare reform will actually cost us and what are the long term costs of health-care. The latest CBO numbers have been crunched by Keith Hennessey, and the numbers are devastating. Remember, Obama claims that this health fiasco will essentially be budget neutral and that we might even see long-term savings. That is an outright lie and he knows it. To show this, Hennessey takes the spending, taxes and expected revenue and gives us a couple of charts to see exactly what we are looking at according to the CBO.
The big problem is that the tax increases and surtaxes, etc. just cannot offset the increase in spending that will occur under the proposed plan. Note from the below chart that revenues almost flatline while spending continues to increase every year. This means that after the first 10 years we will see massive deficits, to the tune of $205 billion dollars each year.
Just think, starting in 2029 this bill will cause a deficit of $205 Billion each year, more then the entire cost of the program during the first 10 years. Be sure to go to his site to read more analysis, he has some real good juicy nuggets there. One thing for sure is we are not getting the straight story on the long term costs of Obama Health-care.
