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:
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
Top Stories
You May Also Like

Judge Overturns Mississippi Same-sex Marriage Ban

Tuesday, 25 Nov 2014 21:52 PM

A federal judge has overturned Mississippi's ban on same-sex marriage, but he is putting his order on hold for two weeks . . .

Judge Rules Arkansas Ban on Same-Sex Marriage Is Unconstitutional

Tuesday, 25 Nov 2014 20:45 PM

A U.S. district judge ruled on Tuesday that an Arkansas constitutional amendment defining marriage as being only the uni . . .

Obamacare Architect to Testify on ACA's 'Deceptions'

Tuesday, 25 Nov 2014 20:12 PM

Obamacare architect Jonathan Gruber, whose comments citing the healthcare law's lack of transparency and mocking "the st . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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