On March 21, 2010, President Obama signed into law the Patient Protection and Affordable Care Act, otherwise known as Obamacare.
“After a century of striving, after a year of debate, after a historic vote, health care reform is no longer an unmet promise. It is the law of the land.”
– President Barack Obama
The law and everything surrounding it is just way too vast and convoluted to go into here. Like many Americans, I’m not sure what’s in it or what it means to me. I do know this.
Health Care amounts to roughly 16% of the U.S. Economy. The idea that the Federal Government, with all its bureaucratic twists and turns could not effectively manage “Cash for Clunkers.”
Here was a simple rebate program designed to give citizens a financial incentive to buy new cars (our government just took over GM and wanted to sell some cars.) In the nine months of the active program the program cost three times the original government estimate. Lawmakers had to add over two billion in funding to cover the shortfall.
What happens to Obamacare if the cost estimates are low by the same differential? The Government Budget Office has already come out and said the original cost estimates were low by several hundred billion dollars.
You would think we would learn from our mistakes. When Medicare was passed in 1965 the federal government estimated it would cost $12 billion in 1990. Medicare actually cost $110 billion in 1990.
With the election battle in full bloom and Obamacare repeal efforts winding its way through the court system, there is no promise the health care reform will stand as is.
By the time Obamacare turns four we will finally know the truth… maybe.
Article from the Wall Street Journal – ObamaCare’s Costs are Soaring