ObamaCare’s $17 Trillion Unfunded Liability

By:  Michael Tennant
04/03/2012
       
ObamaCare’s $17 Trillion Unfunded Liability

“I was floored by what we discovered,” declared Sen. Jeff Sessions (R-Ala.). Sessions, Ranking Member of the Senate Budget Committee, had asked his staff to compute the long-term costs of the Patient Protection and Affordable Care Act (ObamaCare). After three months of combing through the hundreds of pages of the law and comparing their expected costs to the United States’ fiscal outlook for the next 75 years — just as the government currently does for other programs such as Social Security and Medicare — Sessions’ staff estimated that ObamaCare has created a $17 trillion unfunded liability for the U.S. government.

 

“I was floored by what we discovered,” declared Sen. Jeff Sessions (R-Ala.).

Sessions (photo), Ranking Member of the Senate Budget Committee, had asked his staff to compute the long-term costs of the Patient Protection and Affordable Care Act (ObamaCare). After three months of combing through the hundreds of pages of the law and comparing their expected costs to the United States’ fiscal outlook for the next 75 years — just as the government currently does for other programs such as Social Security and Medicare — Sessions’ staff estimated that ObamaCare has created a $17 trillion unfunded liability for the U.S. government.

No wonder the Senator was “floored.” President Barack Obama, after all, had promised that his healthcare overhaul would not add “one dime” to the federal deficit. Yet clearly, if changes are not made to future federal budgets, either by raising more revenue or by reducing spending elsewhere, ObamaCare will add $17 trillion to the national debt.

Sessions said the unfunded liabilities arose from two provisions of ObamaCare. First, he stated, the insurance “premium subsidy programs” have created $12 trillion in unfunded obligations: Because the authors of ObamaCare knew their mountains of mandates would drive up the cost of insurance, they subsidized insurance premiums to soften the blow. Second, with the addition of millions of Americans to the Medicaid rolls, that program now presents an additional $5 trillion in unfunded obligations, according to Sessions.

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Photo: Senator Jeff Sessions

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