October 28 2010
Here's a quick reminder of just a few of the promises President Obama made to the American public during the healthcare debate:
- You'll be able to keep your current coverage
- Healthcare costs will go down
- The deficit will be reduced
- Healthcare jobs will be created
But now, 200 days post healthcare bill passage, it appears those promises simply won't be kept. Senators Tom Coburn and John Barrasso, both Republicans and both the only two medical doctors serving in the United State Senate, just released a new report called "Grim Diagnosis - A check-up on the federal health law."
Grim indeed! The report includes the following depressing findings:
- Eight in ten small businesses could lose their current health plans according to regulations published by the Administration.
- The law will kill 800,000 jobs, perhaps even many more.
- States face huge mandates ranging in the hundreds of billions of dollars - costs much greater than the supposed deficit reduction.
- Real income will be depressed for millions of Americans because of the law.
- Uncompensated care costs from care in ER could become much worse.
- Taxpayers could be faced to bailout a new program created in the health overhaul that even supporters call a "Ponzi scheme."
- New penalties and costs discourage the hiring of young Americans who already face the worst job market in a generation.
- The law could cause the deficit to balloon by more than half a trillion dollars over the coming decade.
- Even with the new law, the Congressional Budget Office (CBO) estimates that "rapidly rising health care costs will sharply increase federal spending for health care programs."
- The Medicare Trustees' have said the nearly $530 billion in cuts to the Medicare program proposed by the new law "will not be viable." In other words, the law's supposed savings are based on phony accounting.
Senators Coburn and Barasso have done excellent congressional oversight on the healthcare bill. To read their earlier (and equally grim) report on the first 100 days of the Obama healthcare bill, click here.