By Ethan A. Huff
According to new spending projections issued by the Congressional Budget Office (CBO), the costs associated with implementing Obamacare over the next ten years are more than double what the Obama Administration claimed when first pushing for its passage. Through 2022, the gross spending requirements for the federal government to fully implement this progressive form of universal healthcare in the U.S. are an astounding $1.76 trillion dollars, also written as $1,760,000,000,000.
“The ACA’s (Affordable Care Act) provisions related to insurance coverage are now projected to have a net cost of $1,252 billion over the 2012-2022 period,” says the CBO report. “[T]hat amount represents a gross cost to the federal government of $1,762 billion, offset in part by $510 billion in receipts and other budgetary effects (primarily revenues from penalties and other sources)” (http://cbo.gov/publication/43080).
As can be expected, the economic implications of such a lofty hike in actual versus estimated costs are ominous. $1.76 trillion is nearly half of the entire 2011 federal budget (http://en.wikipedia.org/wiki/2011_United_States_federal_budget), and more than 11 percent of the entire national debt (http://www.brillig.com/debt_clock/). If it fails to get repealed or declared unconstitutional by the U.S. Supreme Court, Obamacare will translate into an enormous financial burden of unprecedented proportions.