Senator Jeff Sessions (R-Al) and his staff looked at the whole Obamacare bill and realized it comes up with a cost of $17 trillion in unfunded money. And, as he explains in this clip, that is on top of Medicare and Social Security, which are also in the red.
The Daily Caller further explains:
“The hidden shortfall between new spending and new taxes was revealed just after Supreme Court justices grilled the law’s supporters about its compliance with the Constitution’s limits on government activity. If the court doesn’t strike down the law, it will force taxpayers to find another $17 trillion to pay for the increased spending.
“The $17 trillion in extra promises was revealed by an analysis of the law’s long-term requirements. The additional obligations, when combined with existing Medicare and Medicaid funding shortfalls, leaves taxpayers on the hook for an extra $82 trillion in health care obligations over the next 75 years. Currently, the Social Security system is $7 trillion in debt over the next 75 years, according to the Government Accountability Office.
“Also, Medicare will eat up $38 trillion in future taxes, and Medicaid will consume another $20 trillion of the taxpayer’s wealth, according to estimates prepared by the actuarial office at the Centers for Medicare and Medicaid Services.
“The short-term cost of the Obamacare law is $2.6 trillion, almost triple the $900 billion cost promised by Obama and his Democratic allies, said Sessions.
“The extra $17 trillion gap was discovered by applying standard federal estimates and models to the law’s spending obligations, Sessions said.
“For example, Session’s examination of the health care law’s “premium support” program shows a funding gap $12 billion wider that predicted.”
Zerohedge’s Tyler Durden comments:
“Two years ago, when introducing then promptly enacting Obamacare, the president stated that healthcare law reform would not cost a penny over $1 trillion ($900 billion to be precise), and that it would not add ‘one dime’ to the debt. It appears that this estimate may have been slightly optimistic… by a factor of 1700%. Because coincident with the recent Supreme Court debacle, in which a constitutional law president may be about to find that his magnum opus law is, in fact, unconstitutional, someone actually read the whole thing cover to cover, instead of merely relying on the CBO’s, pardon Morgan Stanley and Goldman Sachs’, funding estimates. That someone is Republican Jeff Sessions who after actually running the numbers has uncovered that the true long-term funding gap is a mind-boggling $17 trillion, just a tad more than the original sub $1 trillion forecast. This latest revelation means that total underfunded US welfare liabilities: Medicare, Medicaid and Social Security now amount to $99 trillion! Add to this total US debt which in 2 months will be $16 trillion, and one can see why Japan, which is about to breach 1 quadrillion in total debt (yen, but who’s counting), may want to start looking in the rearview mirror for up and comer competitors. And while Obama may have been taking creative license with a number that is greater than total US GDP, he was most certainly correct when saying that Obamacare would not add a penny to US debt. Because the second the US government comes to market to fund a true total debt/GDP ratio of 750%, it is game over, and the Fed will have its hands full selling Treasury puts every waking nanosecond to have any time left for the daily 3pm stock market ramp.”
Those of us paying attention to facts during the debate on Obamacare remember the CBO’s lap dog response when asked to estimate the bill’s cost. At the time, the projection of just under the $1 trillion mark seemed to realists the stuff of Disney fantasies. But it suited the administration’s narrative and the mainstream media happily swallowed their estimate.
Reality has a way of smacking those ideas right out of your head. Let’s see how much play this story gets.