In the wake of the Supreme Court’s ruling that states are not required to participate in Obamacare’s massive Medicaid expansion, the non-partisan Congressional Budget Office today released an updated report revealing that despite covering fewer individuals, the health care law actually increases federal spending, taxes, and premiums even more than previously estimated.
By the Numbers
The law is funded through $1 trillion in new fees and taxes, including a $55 billion tax on individuals and $117 billion tax on businesses that fail to purchase a government-approved health care plan. According to CBO, these penalties on individuals and job creators are “$5 billion more than what was estimated in March 2012.”
CBO reports that in 2022, about 3 million more people will be enrolled in exchanges, and about 3 million more people will be uninsured than previously estimated.
In addition to the previously predicted $2,100 per family premium increase in the individual market, CBO reports premiums will increase another 2 percent.
CBO outlines that the law will raid over $700 billion from Medicare to fund new entitlements.
CBO estimates “11 million people who would have had an offer of employment-based coverage under prior law will lose their offer under current law.“
CBO’s updated estimate confirms that the health care law shatters President Obama’s promise not to raise taxes in “any form” on families making less than $250,000 a year, his promise to reduce premiums, and his promise to allow individuals to keep their current health care plan.