When President Obama finally persuaded recalcitrant Democrats to vote for his health care regulation law in 2010, the Congressional Budget Office estimated the plan would cost $940 billion over 10 years. Conservatives warned at the time that the score was a mirage since Democrats had purposely designed the law with CBO’s scoring system in mind to get a temporarily lower score.
But now, two years later, a more accurate picture is coming into view. As the CBO’s 10-year budget window slowly expands to encompass all of Obamacare’s new spending, and as gimmicks like the CLASS Act are exposed as the Ponzi scheme frauds that they are, the cost of Obamacare keeps rising. Yesterday, the CBO released its latest cost estimate of Obamacare’s spending provisions showing that the law will cost $1.76 trillion through 2022. But even that doesn’t capture the law’s true price tag.
Since Obamacare will not be fully implemented until 2014, we will not know until next year what a full 10-year cost estimate of the law looks like. But, extrapolating yesterday’s estimate forward, The Washington Examiner‘s Phil Klein predicts the final ten-year cost of Obamacare will exceed $2 trillion, more than double what Obama said it would cost.
And that wasn’t the only bad news in the report. Due to weak job growth, the CBO estimated that 3 million fewer Americans will receive health insurance from their employer. Medicaid will pick up some of that slack, adding an additional 1 million Americans to the welfare rolls. That leaves 2 million fewer Americans insured than the CBO had previously estimated. All told, Obamacare will have spent over $2 trillion increasing the percentage of Americans with health insurance from 82 percent today to 93 percent in 2022. And over half of those who receive health insurance thanks to Obamacare, will do so through Medicaid, a welfare program with a poor track-record of improving health outcomes.
Santorum: Rick Santorum exceeded expectations last night winning both the Mississippi and Alabama primaries. Newt Gingrich came in second in both primaries.
Romney: Mitt Romney won two Pacific island caucus contests yesterday. One in Hawaii and one in American Samoa.
Gingrich: After defeats in Alabama and Mississippi, Gingrich’s campaign sent out an “internal” memo claiming it was only “halftime” in the GOP primary and promising Gingrich would fight on in the March 24th Louisiana primary.
Pennsylvania: Santorum is beating Romney 36 to 22 percent in Pennsylvania and trails Obama by one in a general election match-up 44 to 45 percent, according to a new Quinnipiac poll.
Obama: Despite his earlier flip-flop on raising money for Super PACs, Obama’s Super PAC, run by former-aide Bill Burton is still failing to raise money. Priorities USA,the name of Burton’s PAC, raised only $2 million in February, half of which came from misogynist Bill Maher. But the AFL-CIO announced Tuesday that they will spend $500 million on ads supporting Obama.
Poll: A new Bloomberg poll shows Obama and Romney tied at 47 percent in a head-to-head match-up. Santorum trails Obama by 6, 50 to 44 percent.
Around the Bigs
The Washington Examiner, Chu renounces his desire for higher gas prices: Energy Secretary, Steven Chu, renounced his previously-stated desire to see gas prices rise to match European levels in order to motivate alternative energy research, telling the Senate yesterday that he wants gas prices to fall for the sake of the economy.
CNBC, Senate defeats tax break for natural gas trucks: A plan for subsidizing natural gas trucks backed by billionaire T. Boone Pickens was defeated in the Senate yesterday after conservative groups identified it as unnecessary interference with the free market.
The Hill, Democrats want Senate action on judges before considering Republican jobs bill: Senate Majority Leader Harry Reid, D-Nev., has announced he will not bring the House Republican JOBS Act to the floor until he gets votes on 17 judicial nominations.
Politico, David Axelrod bails on Bill Maher: David Axelrod will not be appearing as a guest on “Real Time with Bill Maher,” despite reports last week that he was scheduled to do the show in the next few weeks. Axelrod has led the fight against Rush Limbaugh for derogatory comments he made about a contraceptive activist Sandra Fluke. Maher has made even more vile comments about Sarah Palin.
Reuters, Obama’s approval rating up to 50 percent: A Reuters/Ipsos poll that used a sample made up of 51 percent Democrats, and only 38 percent Republicans, found that Obama’s approval rating had risen to 50 percent.
RedState‘s Erick Erickson points out that we really didn’t learn much last night: “The problem is two-fold now. The base doesn’t like Romney, but the base doesn’t really like the other options either. At the same time, the base does not want this primary to end.”
The Weekly Standard‘s Jay Cost says Santorum won by poaching Gingrich’s rural vote.
AEI‘s James Pethokoukis highlights an excerpt from a new book on Obama’s economic team that he says sums up the entire Obama presidency.
Digby explains that progressives wanted Obama to give more speeches on health care so that he would mobilize his followers to push for more liberal reform from their representatives.
The Washington Monthly blames deregulation for the decline of Cincinnati airport.
At Daily Kos, Hunter attacks Romney for saying he knows some NFL team owners.