- 1,990-page bill
- The House program will cost $1.055 trillion over a decade
- Most of the money goes into government-run "exchanges" where people earning between 150% and 400% of the poverty level—that is, up to about $96,000 for a family of four in 2016—could buy coverage at heavily subsidized rates, tied to income
- The government would pay for 93% of insurance costs for a family making $42,000, 72% for another making $78,000, and so forth
- It "pays for" about six years of program with a decade of revenue, with the heaviest costs concentrated in the second five years
- The House also pretends Medicare payments to doctors will be cut by 21.5% next year and deeper after that, "saving" about $250 billion
- ObamaCare will be lucky to cost under $2 trillion over 10 years; it will grow more after that
- Unfunded liabilities of Medicare—now north of $37 trillion over 75 years
- Steal $426 billion from future Medicare spending to "pay for" universal coverage
- Gutting Medicare Advantage to the tune of $170 billion
- As for Medicaid, the House will expand eligibility to everyone below 150% of the poverty level
- Some 15 million new people will be added to Medicaid the rolls as private insurance gets crowded out at a cost of $425 billion
- A decade from now more than a quarter of the population will be on a Medicaid program originally intended for poor women, children and the disabled
- Even though the House will assume 91% of the "matching rate" for this joint state-federal program—up from today's 57%—governors would still be forced to take on $34 billion in new burdens
- The House favors $572 billion in new taxes
- Imposing a 5.4-percentage-point "surcharge" on joint filers earning over $1 million, $500,000 for singles
- Raise the top marginal rate to 45% in 2011 from 39.6% when the Bush tax cuts expire—not counting state income taxes and the phase-out of certain deductions and exemptions
- This surtax still won't be nearly enough. Even if Congress had confiscated 100% of the taxable income of people earning over $500,000 in the boom year of 2006, it would have only raised $1.3 trillion
- Under another new tax, businesses would have to surrender 8% of their payroll to government if they don't offer insurance or pay at least 72.5% of their workers' premiums
- The U.S. already has one of the highest corporate income tax rates in the world
- Meanwhile, a tax equal to 2.5% of adjusted gross income will also be imposed on some 18 million people who CBO expects still won't buy insurance in 2019
Monday, November 2, 2009
Ridiculous health care reform bill statistics
Some alarming Statistics from: The Worst Bill Ever, by the Editors, Wall Street Journal
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Sounds like our paternalistic overlords got everything we need.
ReplyDeleteOr did they miss something?