Obamacare to Add $6.2 Trillion to National Deficit; Obama Claimed It Wouldn’t Add a Dime
(Photo: Reuters/Jonathan Ernst)
The Patient Protection and Affordable Care Act, passed three years ago with President Obama saying it would not add one dime to the federal deficit, is now projected to add $6.2 trillion to the deficit and inflict severe cuts to Medicare and Medicaid payments to hospitals and physicians.
When Obamacare passed in March 2010, many Americans believed they would soon receive the same lifetime healthcare benefits as every member of Congress, and without incurring additional costs for themselves, their families or their businesses. The truth, however, is the Government Accountability Office (GAO) anticipates the Obamacare entitlement program will place a heavy burden on the U.S. economy, which currently has a national debt of $16.7 trillion.
According to the American Enterprise Institute (AEI), a conservative think tank, patients and their physicians are going to feel the full impact of the costs associated with Obamacare, and not only by adding $6.2 trillion to the national debt, but in ways that are far more tangible to families, and especially senior citizens.
In his analysis of the GAO’s report, Chris Conover, an adjunct scholar at the American Enterprise Institute, notes the current law already requires “Medicare to slash physician fees by 25 percent next January (under the Balanced Budget Amendment).” He adds that by 2030, Medicare payments to physicians will be 60 percent less than payments received from patients who have private health insurance plans.
Likewise, Conover shows payments to hospitals that provide services to Medicare and Medicaid patients will be paid 61 percent less for procedures than payments from private health insurers; and physicians eventually will be paid 74 percent less under Medicare than private insurance.
(Does one think for a minute that citizens on Medicare will not receive needed healthcare? How can a provider afford to treat while suffering a 74% cut for Medicare? Editor)