I keep hearing how the bill will reduce the deficit by like 1.3 trillion in 20 years, and im just wondering how it would do this? How would spending a trillion dollars for health reform and having to deal with increasing subsidies though out the years decrease the debt?
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It includes some tax increases on the very rich.
There is also a Bush tax increase coming along this year. How is this possible? Because when Bush cut taxes, he wanted to get a good CBO score. To get that, he had to make the tax cut end in 2010. Ever since then he’s tried to get congress to pass another law to make his tax cuts permanent. He never got that, so the original tax cuts will be subject to the original law and end in 2010. Therefore, a Bush law will increase taxes this year.
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‘in the vortex’ just gave a much more thorough and thoughtful answer than mine. Kudos!
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I don’t have number but it will get a lot of people who are not paying anything to pay about $675 a year.
It will prevent a whole lot of people from filing for disability.
It will keep people healthier so a diabetic who might have an amputation will get meds & other care & be able to help the country rather than to have to take in many ways.
There are a lot of out of control expenses now….people are charged for services they don’t have performed, overcharged.
It hurts the country when people go bankrupt to pay these bills.
It hurts us all when a person working for an ins. agency make a half a million dollars a year at a job someone could do for $100,000 a year & still be paid very well.
I am the worst person to give you this answer but it is great & makes sense….Just listen to intelligent people & avoid right wing media & you will find more.
Essentially, the government already foots the bill the for the 42 million people that do not have health care when they have to go to the doctor. What this bill does it adds a tax to people that make more than 280K per year, this way the government has a way to pay for the health care they provide to those with out insurance. Over the next 20 years the deficit will decline because we are taxing the rich in order to pay for health care, thus limiting the amount of the bill the government has to pay.
It doesn’t. It increases it.
It won’t. The CBO is the office that came up with the estimate. And the CBO can only take at face value the things that Congress claims it will do. Congress claims that they will make massive cuts in medicare as part of the bill. . . which it won’t actually do. Medicare has planned yearly reductions in reimbursement rates which are pretty much cancelled every year in Congress. Yes, it is a strange song and dance, but that is what happens. Because if Medicare lowers their reimbursement rates by too much doctors won’t take it.
In addition, the bill doesn’t include the costs for 15,000 new employees of the IRS and who knows how many more at the Office of Personnel Management which is the office which will be in charge of administering the plan.
The plan also raises money by taxes on the wealthy and drug companies and medical device makers.
Ultimately no one really knows how much it will cost because it is unclear how many people will decide to keep their insurance or just pay the fine. But if history is any guide (look at what Medicare cost in its first year and compare it to today, or Social Security, or the Big Dig) government programs ALWAYS cost more than are advertised. Otherwise no one would vote for them!
From link below “In reality, if you strip out all the gimmicks and budgetary games and rework the calculus, a wholly different picture emerges: The health care reform legislation would raise, not lower, federal deficits, by $562 billion.”
You’ve done the math and you’re right in that it doesn’t.
Doing the math also shows two plus two isn’t really five.
I heard on the radio this morning that the health care bill included requiring all student loans to be done through the government now. I know, it doesn’t make sense that this would be included in a HEALTH CARE bill but that’s how they do these things. Also this is just what I heard. That will mean paying a higher interest rate on student loans but it would help the government pay for this health care system. The elderly will supposedly get reduced medicare also. I am still researching to find out if this is accurate and to get more details.
The Health Care Bill will put our budget and economy on a more stable path by reducing the deficit by more than $100 billion over the next ten years – and more than $1 trillion over the second decade – by cutting government overspending and reining in waste, fraud and abuse. ”
The Bush tax cut on individual incomes of over $200,000 and married couple’s incomes of over $250,000 will be allowed to expire. Taxes on Cadillac insurance plans of over $10,200 for individuals and $27,500 for families will be imposed in 2018. There will also be a tanning tax, a 10% excise tax on indoor tanning services. I don’t know for sure but surmise that the tax was added in response to John Boehner’s overly-healthy tan.
It seems we can afford to pay for the government health care Congress has, which is the best in the country, even if we can’t afford it for ourselves.