Obama's "Read-My-Lips" Moment
"I will not sign a plan that adds one dime to our deficits either now or in the future."
Not so fast Mister President because a new analysis of what you consider your signature achievement shows you will be adding a lot to the deficit - some $340 billion, or roughly more than half of what we spend on defense in this country every year.
The study, by Charles Blahous, will probably be discounted by Democrats because the author is a conservative policy analyst. On the other hand, he was also the President’s pick to serve as GOP trustee for Medicare and Social Security, and his job – make sure those programs are solvent.
All along, the Administration has maintained the expansion of coverage for the 32 million uninsured Americans could be paid for by raising taxes and cutting payments to Medicare providers.
But Blahous shows the White House is double counting some of its savings.
Much of the money generated by Obamacare taxes and cutting programs will go to the Medicare hospitalization trust fund, and under law, the money has to be used to pay years of additional benefits to those who are already uninsured. According to the Washington Post, that means you couldn't use the savings to pay for benefits for the uninsured.
Look at it this way, when Obamacare passed (barely), supporters made a big deal of the fact it provided Medicare with some $575 billion in savings - enough to automatically extend the life of the trust fund through 2029. Those savings, though, were supposed to offset the dramatic expansion of Medicaid under the law as well as subsidies for uninsured people to buy coverage. Again from the Washington Post. Hence, the double counting.
And, oh by the way, Blahous also included the loss of $86 billion from deep sixing the CLASS Act, part of Obamacare, which even the Administration had to declare unworkable.
Surprised? I'm not.
I've been saying for some time that Obamacare is an entitlement we can't afford.
Look, we can't even afford the entitlements we have, and now we know one of them is being bankrupted by Obamacare.
Not going to raise the deficit by a dime?
Another lie, Mister President.