Medicare Spending Continues to Grow, Despite Obamacare

Wednesday, 22 Aug 2012 02:28 PM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Hard, cold statistics are putting the lie to Democrats’ claims that the healthcare reform law would cut Medicare and Medicaid spending.

A new report from the Congressional Budget Office shows that both entitlement programs will gobble up a greater share of Gross Domestic Product (GDP) over the next decade, Politico reports. Obamacare’s health insurance subsidies will push government spending on healthcare higher too.

Despite the Affordable Care Act’s $716 billion in Medicare savings over the next 10 years, the CBO estimates that Medicare’s share of GDP will hit 4.3 percent in 2022, up from 3.7 percent next year.

The savings come from reduced increases in payments to providers and Medicare Advantage plans, but the Republican White House candidates Mitt Romney and Paul Ryan scoff at those cuts as a “raid” on Medicare itself.

As for Medicaid spending, the CBO sees it rising to 2.4 percent of GDP in 2022 from 1.7 percent next year.

When you put the three biggest entitlement programs together — Medicare, Medicaid, and Social Security — they will account for 12.2 percent of GDP in 2022, or 55 percent of total government spending, the CBO forecasts.

And then there are Obamacare’s new health insurance subsidies. The CBO predicts they’ll hit $123 billion by 2022, or 0.5 percent of GDP.

© 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:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

McDonnell Denies Special Aid to Company for CEO's Gifts

Wednesday, 20 Aug 2014 22:31 PM

Former Virginia governor Governor Robert McDonnell told jurors he didn't provide special treatment to a company whose ch . . .

Drunk Teacher Wins Unemployment Benefits; Keeps License

Wednesday, 20 Aug 2014 23:10 PM

If Dennis Pagel had taken a box of school supplies while working as a teacher at Dallas-Center Grimes Middle School west . . .

Ferguson Counter-Protester Whisked to Safety

Wednesday, 20 Aug 2014 22:15 PM

A woman counter-protesting in favor of police officer Darren Wilson had to be whisked to safety Wednesday night after sh . . .

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