"1.) The bill expands entitlement spending by over $1 TRILLION in order to “cover” 30 Million more people.
2.) It adds $500 Billion in new tax increases.
3.) It ROBS Medicare and Social Security (AND THEY’RE BOTH ALREADY BROKE!) In fact, the bill CUTS Medicare by $500 BILLION to help FUND the new $1 Trillion entitlement.
4.) In order to keep the CBO score under $1 Trillion they count this TRANSFER from Medicare to the new $1 TRILLION entitlement “A Savings”.
5.) $468 BILLION in additional spending on subsidies to purchase government approved health insurance.
6.) $48 BILLION in additional spending for Medicaid. Did I mention Medicaid costs are increasing at 23% a year? That’s 23% a YEAR!
7.) A Huge new increase on Capital Gains tax of almost 4%. Who does that affect? Anyone with any SAVINGS, most especially those in the market. So not only do we have RECORD unemployment, we’re now going to lose EVEN MORE of whatever savings we have LEFT!
8.) The bill has a DECADE of Medicare Cuts a DECADE of Tax Increases, and only 6 yrs of supposed benefits!
9.) $70 Billion in long term care premiums will be collected under the “Class Act” also used to fund the $1 Trillion new entitlement!
10.) The bill includes $132 Billion in CUTS to the Medicare Advantage program.
11.) One of the MANY costs associated with this bill that were NOT included in the CBO score were the appropriations (money needed to fund the 159 new government agencies needed to implement “Obamacare”). $10 BILLION OF WHICH WILL BE SPENT HIRING ANOTHER 16,500 IRS Agents! Who will be “spot checking” your business for COMPLIANCE EVERY SINGLE MONTH and levying fees for NON COMPLIANCE!
12.) The bill mandates that employers pay 72.5% of all of their employee’s health insurance premiums and 65% of all of their employee’s families premiums! What harm will this do to our American Businesses? Caterpillar Incorporated shed some light on that in a letter written by their Vice President to Speaker Pelosi on March 21, 2010.
13.) Arguably the most troubling language in the bill is the new 85%/15% MLR (Medical Loss Ratio) Rule applied to all private Health Insurance companies. This new MLR ratio could very conceivably bring about the END of all private Health Insurance companies in a very short period of time. Robert A. Book PHD & Senior Fellow of Health Economics at the Heritage Foundation explains why.
14.) Besides the MASSIVE taxes that begin immediately, MANY CUTS begin as well and the bulk of them will hit Medicare recipients. Oh and remember when we were told by President Obama & Speaker Pelosi that children would be able to get coverage for pre-existing conditions 6 months after the new bill was signed? They FORGOT to include that in the bill! So now, NOT EVEN THAT “benefit” will begin until 2014!
It’s a good thing THAT IS ALREADY THE LAW IN MOST STATES! The dramatic expansion of SCHIP already ensures that most children have access to guaranteed issue health insurance already. Although States like Arizona have recently terminated their SCHIP program because it has rendered them BANKRUPT. So be sure to check with your State SCHIP administrator to make sure there’s entitlement money left for you!
In addition, many States like Illinois have already passed similar legislation that allows children with pre-existing conditions to be insured on a guaranteed issue basis and to stay on their parents policy until the age of 26. Side bar: Are they REALLY still children at age 26?
15.) The democrats also left the 21% reduction in medicare payments to physicians out of the bill and state they will tackle that in another bill. BUT by NOT counting it in the final CBO score, they consider it “a savings”. By the way, if any body REALLY believes their going to cut reimbursement to physicians by 21% they’ve got another thing coming. There’s NO WAY that will pass, but the Democrats still COUNT IT AS A SAVINGS!
The Medicare Trustees state that the unfunded liabilities of Social Security and Medicare grew by a stunning $10.4 trillion between the years 2004 & 2008. In the 2008 trustees’ report the unfunded liabilities of Social Security and Medicare total $42.9 trillion!
Let me break that down:
Compare the unfunded liabilities of Social Security and Medicare with the net worth of every household in America. According to the Federal Reserve flow-of-funds figures for year-end 2007, our collective net worth as consumers was $62.7 trillion. By the end of 2008, the same figure had fallen to $51.5 trillion! Another year of growth for Social Security and Medicare liabilities would bring total unfunded government promises to about $46 trillion. That’s nearly 90% of our net worth! In fact, if consumer net worth fell an additional $5 trillion — the same amount it fell in the last three months of 2008 — we’d be broke!
Guess when these statistics were gathered? January 2009 and we all KNOW who took the reigns as President in that year and thanks in LARGE part to him we are INDEED NOW BROKE! THIS IS TYRANNY!
16.) Speaking of the President, the bill also EXEMPTS HIM & SENIOR CONGRESSIONAL STAFF MEMBERS FROM THIS LEGISLATION!"
Don't believe it? Here are the sources:
- March 11, Letter from Doug Elmendorf to Harry Reid (PDF)
- The AHIP Plan in Context, Igor Volsky;Max Baucus WellPoint/Liz Fowler Plan" rel="bookmark" href="http://emptywheel.firedoglake.com/2009/09/08/liz-fowlers-plan/"> The Max Baucus WellPoint/Liz Fowler Plan, Marcy Wheeler
- CBO Score, 11-30-2009
- “Affordable” Health Care, Marcy Wheeler
- Gruber Doesn’t Reveal That 21% of Massachusetts Residents Can’t Afford Health Care, Marcy Wheeler; Massachusetts Survey (PDF)
- Health Care on the Road to Neo-Feudalism, Marcy Wheeler
- CMS: Excise Tax on Insurance Will Make Your Insurane Coverage Worse and Cause Almost No Reduction in NHE, Jon Walker
- Employer Health Costs Do Not Drive Wage Trends, Lawrence Mishel
- CBO Estimates Show Public Plan With Higher Savings Rate, Congress Daily; Drug Importation Amendment Likely This Week, Politico; Medicare Part D IAF; A Monopoloy on Biologics Will Drain Health Care Resources, Lancet Student
- MaxTax Is a Plan to Use Our Taxes to Reward Wal-Mart for Keeping Its Workers in Poverty, Marcy Wheeler
- Estimated Financial Effects of the “Patient Protection and Affordable Care Act of 2009,” as Proposed by the Senate Majority Leader on November 18, 2009, CMS (PDF)
- Health insurance companies hang onto their antitrust exemption, Protect Consumer Justice.org
- What passage of health care reform would mean for the average American, DC Examiner
- How to get a State Single Payer Opt-Out as Part of Reconciliation, Jon Walker
- Medical bills prompt more than 60 percent of U.S. bankruptcies, CNN.com; The Patient Protection and Affordable Care Act Section‐by‐Section Analysis (PDF)