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12 Days of Obamacare Surprises: Deficit Reduction?

Posted By Drew Gonshorowski On December 24, 2012 @ 1:53 pm In Obamacare | Comments Disabled

Not all surprises are good. When it comes to Obamacare, the original projections are turning into unfortunately different realities. For the next two days, Heritage is going to highlight one of the various changes in Obamacare projections (e.g., cost, enrollment, etc.) from when the law first passed until now.

Obamacare was passed into law under the guise that it would expand access to health coverage while simultaneously reducing the federal deficit [1].

In 2010 [2], the Congressional Budget Office (CBO) estimated that Obamacare would result in deficit reduction totaling $143 billion from 2010–2019.

In 2012 [3], the CBO estimated that Obamacare would result in deficit reduction totaling only $109 billion from 2013–2022, $34 billion less than in 2010. Among other updates, this is due to the rising costs of subsidies in the exchanges [4].

Surprise: The CBO lowered its deficit reduction projection by 24 percent, revealing that Obamacare will cost the American public far more than anticipated. Turns out, the best things don’t come in big, Obamacare-sized packages.

12 Days of Obamacare Surprises:

10. Unelected bureaucrats on IPAB [5]

9. Increased employer penalties [6]

8. More cuts to Medicare [7]

7. Loss of employer-sponsored insurance [8]

6. A 50/50 split on enrollment estimates [9]

5. More uninsured Americans [10]

4. Increased exchange subsidies [4]

3. Big tax increases [11]

2. The small business tax credit [12]

1. And the individual mandate [13].


Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2012/12/24/12-days-of-obamacare-surprises-deficit-reduction/

URLs in this post:

[1] deficit: http://www.heritage.org/federalbudget/

[2] 2010: http://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/113xx/doc11379/amendreconprop.pdf

[3] 2012: http://www.cbo.gov/sites/default/files/cbofiles/attachments/43471-hr6079.pdf

[4] exchanges: http://blog.heritage.org/2012/12/17/12-days-of-obamacare-surprises-exchange-subsidies/

[5] bureaucrats on IPAB: http://blog.heritage.org/2012/12/23/12-days-of-obamacare-surprises-the-independent-payment-advisory-board/

[6] employer penalties: http://blog.heritage.org/2012/12/22/12-days-of-obamacare-surprises-increased-employer-penalties/

[7] cuts to Medicare: http://blog.heritage.org/2012/12/21/12-days-of-obamacare-surprises-more-medicare-cuts/

[8] employer-sponsored insurance: http://blog.heritage.org/2012/12/20/12-days-of-obamacare-surprises-loss-of-employer-sponsored-insurance/

[9] enrollment estimates: http://blog.heritage.org/2012/12/19/12-days-of-obamacare-surprises-a-5050-split-on-enrollment-estimates/

[10] uninsured Americans: http://blog.heritage.org/2012/12/18/12-days-of-obamacare-surprises-uninsured-americans/

[11] tax increases: http://blog.heritage.org/2012/12/16/12-days-of-obamacare-surprises-taxes/

[12] small business tax credit: http://blog.heritage.org/2012/12/15/12-days-of-obamacare-surprises-small-business-tax-credit/

[13] individual mandate: http://blog.heritage.org/2012/12/14/12-days-of-obamacare-surprises-the-individual-mandate/

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