Report: Obamacare Hides $50 Billion in Annual Costs

Tuesday, 09 Aug 2011 01:18 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
New research suggests that Obamacare comes with $50 billion in hidden annual costs, reports DailyCaller.com. The plan’s budget apparently does not take into account the insurance costs of workers’ spouses and children, meaning the Treasury could be tapped for hundreds of billions of dollars in the first decade the plan is instituted.

“The Congressional Budget Office has never done a cost estimate of this [because] they were expressly told to do their modeling on single [person] coverage,” Richard Burkhauser told the Caller. Burkhauser, a Cornell University economist and professor, coauthored a report on the plan published by the National Bureau of Economic Research.

These unaccounted costs “will almost certainly add to the deficit, contrary to what the Congressional Budget Office and others have estimated,” Paul Winfree of the Heritage Foundation told the Caller.

The plan’s estimate that 75 percent of workers would remain on employer-backed insurance plans is also much too high, according to Burkhauser, whose research suggests a figure around 35 percent.

“This study shows yet another way that Obamacare’s cost will be much, much higher than supporters led the American people to believe,” said Michael Cannon of the Cato Institute. “Anyone who’s serious about the federal debt should make Obamacare’s trillion-plus dollars of new entitlement spending the first item to put on the chopping block.”


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Texas Border Sheriffs Criticize Perry's National Guard Plan

Tuesday, 22 Jul 2014 09:23 AM

Gov. Rick Perry's announcement to send 1,000 National Guard troops to the Texas border to combat the influx of illegal i . . .

Iraq Ambassador Warns US of Failure to Send Greater Military Aid

Tuesday, 22 Jul 2014 09:16 AM

Iraq's ambassador to the United States warned that other countries, including Iran, will step up to help if America prov . . .

9/11 Commission: Cyberattack on US Is Imminent Threat

Tuesday, 22 Jul 2014 09:12 AM

Terrorists are plotting a cyberattack against the United States that is tantamount to 9/11, and the American public is a . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved