Not to worry. Obama says it’s all cool.
President Barack Obama’s healthcare law could sharply exceed its cost-savings targets and add up to $530 billion to the federal budget deficit, a leading authority on U.S. government benefit programs said on Tuesday.
A study by Charles Blahous, a George Mason University research fellow and the Republican trustee for the Medicare and Social Security entitlement programs for the elderly, challenges the administration’s contention that the 2010 law would better keep healthcare costs in line.
Obama and the Democrats believe the law will control skyrocketing costs and curtail government “red ink.”
But Blahous, a former economic adviser in the George W. Bush White House, said in his research that the law is expected to boost net federal spending by more than $1.15 trillion and add between $340 billion and $530 billion to deficits between 2012-21.
“Relative to previous law, the (healthcare law) both exacerbates projected federal deficits and increases an already unsustainable federal commitment to health care spending,” he concluded.
Riffing on Nancy Pelosi, we have to implement the law before we learn what the law does to our pocketbooks.