December 2, 2009
Estimating the Cost of ObamaCare: $6 Trillion And Counting
Michael F. Cannon of the CATO Institute1 has provided some interesting metrics for estimating the real cost of ObamaCare.Movie Carol (2015)
The issue is that while the Congressional Budget Office (CBO) evaluates the cost of ObamaCare at some $1 trillion, give or take, it is restricting itself to the impact to the Federal budget, and excluding several factors that massively increase the real cost of the proposed legislation.
First, the bill is back-loaded, so that the cost of the 10 year period from 2014 to 2023 will be $2.5 trillion, instead of the $1 trillion so often quoted for the first 10 years from 2010 to 2019.
Second, the CBO does not evaluate the cost to the private sector (corporations and individuals), which Mr. Cannon estimates at some $2.5 trillion.
The scary part here is that adding these numbers up, the real cost of ObamaCare is some $6 trillion over a 10 year period, not including possible budget overruns, which could push the total up another trillion or two.
ObamaCare will also break new ground for unfunded Federal mandates, as the bulk of the spending will be in the form of mandates on the private sector.
To put this in perspective, assuming 138 million tax payers2 the cost is $43,500 in additional direct and indirect taxes for every tax payer.
© 2009, Pontificus. All rights reserved.
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