Friday, January 7, 2011

The Cost of Repeal

The Congressional Budget Office ran the numbers on what it would cost the economy if by some chance the Republicans were able to repeal the healthcare law.

As a result of changes in direct spending and revenues, CBO expects that enacting H.R. 2 would probably increase federal budget deficits over the 2012-2019 period by a total of roughly $145 billion (on the basis of the original estimate), plus or minus the effects of technical and economic changes that CBO and JCT will include in the forthcoming estimate. Adding two more years (through 2021) brings the projected increase in deficits to something in the vicinity of $230 billion, plus or minus the effects of technical and economic changes.

In addition, 32 million people would lose their health insurance, and the cost to those who still had it would go up.

The CBO is not some partisan think tank; they are the number-crunchers the Republicans cite whenever they want to prove that some new Democratic bill is too expensive or would increase the deficit. Of course, when it turns out that one of their pet projects would do the same, they dismiss the findings as being just a matter of opinion.