Showing posts with label CBO. Show all posts
Showing posts with label CBO. Show all posts
Tuesday, August 28, 2012
Morning Bell: How Obamacare Robs Medicare and Hurts Seniors
The rhetorical Medicare wars have heated up this week, after President Obama declared in his Saturday radio address that his proposed reforms "won't touch your guaranteed Medicare benefits. Not by a single dime."
This is incorrect. Obamacare cuts $716 billion from Medicare over the next 10 years, according to the Congressional Budget Office (CBO), and uses these "savings" from Medicare to fund other entitlement expansions mandated by Obamacare. Medicare becomes a cash cow for Obamacare, and the Medicare "savings" from payment cuts are not put back into making Medicare solvent. Such massive payment cuts do impact Medicare benefits, as well as seniors' access to those benefits.
Heritage’s Alyene Senger explains how this hurts America’s seniors:
The impact of these cuts will be detrimental to seniors’ access to care. The Medicare trustees 2012 report concludes that these lower Medicare payment rates will cause an estimated 15 percent of hospitals, skilled nursing facilities, and home health agencies to operate at a loss by 2019, 25 percent to operate at a loss in 2030, and 40 percent by 2050. Operating at a loss means these facilities are likely to cut back their services to Medicare patients or close their doors, making it more difficult for seniors to access these services.
The President also said on Saturday, “As President, my goal has been to strengthen these programs now, and preserve them for future generations.” But Obamacare imposes new taxes on present and future generations—including a hike in the Medicare “payroll tax” affecting upper-income earners that doesn’t even go toward Medicare. Senger details:
CONTINUED: http://blog.heritage.org/2012/08/28/morning-bell-how-obamacare-robs-medicare-and-hurts-seniors/?roi=echo3-12960484452-9542214-706f0d598d6ce512546a4aa1e1c7c81d&utm_source=Newsletter&utm_medium=Email&utm_campaign=Morning%2BBell
Thursday, March 15, 2012
OBAMACARE NEWS
CBO: 4 million to lose employer insurance by 2016--White House Dossier A new report by the nonpartisan Congressional Budget Office states that by 2016, Obamacare will result in 4 million people fewer people getting health insurance coverage from their employers. The estimate is a vast increase from the CBO prediction just a year ago that 1 million would no longer obtain coverage from their employers.
The estimate is a vast increase from the CBO prediction just a year ago that 1 million would no longer obtain coverage from their employers. And it raises substantial questions about the veracity of one of Obama’s key pledges in selling the health care law — that everyone who wants to keep their current health insurance plan and doctor could do it.
New CBO health law estimate shows much higher spending past first 10 years
Side Effects: Doctors Fear Obamacare--The American public doesn’t support Obamacare, and a new survey shows that doctors have an even worse opinion. No one has a better grasp on the state of the health care system than physicians, and according to the Doctors Company survey, 60 percent of them believe that Obamacare will have a negative impact on overall patient care. This survey is consistent with the findings of another doctor survey taken in October 2010, which also showed doctors’ lack of confidence in Obamacare.
The survey was conducted to unveil physicians’ concerns about health care reform. The Doctors Company, which is the largest insurer of physician and surgeon medical liability in the nation, received more than 5,000 surveys, including all specialties and every region in the country. The results weren’t good for the President’s signature piece of legislation.
How Health Reform Increases Unemployment--The $2,000-per-employee tax on businesses employing 50 workers or more if they fail to make available government-approved health plans will amount to 15 percent of average annual earnings in the food and beverage industry and 9 percent in retail trade
The estimate is a vast increase from the CBO prediction just a year ago that 1 million would no longer obtain coverage from their employers. And it raises substantial questions about the veracity of one of Obama’s key pledges in selling the health care law — that everyone who wants to keep their current health insurance plan and doctor could do it.
New CBO health law estimate shows much higher spending past first 10 years
Side Effects: Doctors Fear Obamacare--The American public doesn’t support Obamacare, and a new survey shows that doctors have an even worse opinion. No one has a better grasp on the state of the health care system than physicians, and according to the Doctors Company survey, 60 percent of them believe that Obamacare will have a negative impact on overall patient care. This survey is consistent with the findings of another doctor survey taken in October 2010, which also showed doctors’ lack of confidence in Obamacare.
The survey was conducted to unveil physicians’ concerns about health care reform. The Doctors Company, which is the largest insurer of physician and surgeon medical liability in the nation, received more than 5,000 surveys, including all specialties and every region in the country. The results weren’t good for the President’s signature piece of legislation.
How Health Reform Increases Unemployment--The $2,000-per-employee tax on businesses employing 50 workers or more if they fail to make available government-approved health plans will amount to 15 percent of average annual earnings in the food and beverage industry and 9 percent in retail trade
Wednesday, January 19, 2011
NTUF Preliminary Analysis of H.R. 2
THE TAXPAYERS TAB
NEWS FROM THE NTU FOUNDATION BillTally PROJECT
From: National Taxpayers Union Foundation (NTUF)
Vol. 2 Issue 2 January 19, 201
NTU State of the Union Address Coverage
The National Taxpayers Union would like to invite you to our second annual coverage of the President's State of the Union Address. Starting at 9 p.m. on Tuesday, January 25th, join with policy experts, activists, and fellow citizens in a national dialogue on the President's agenda and how it affects taxpayers.
The conversation will cover four social media outlets to help you discuss the speech in the most effective way you see fit. Using @NTU on Twitter, users can link with other NTU Members by using the hashtag #SOTU and #NTUSOTU. The NTU Facebook page and blog, GovernmentBytes.com, will also be open for comments throughout the entire night. For a special real-time interactive experience, NTU.org will also host a dedicated chat room for anyone to discuss developments as they happen.
Be sure to mark your calendars for next Tuesday's NTU coverage of the President's State of the Union Address!
NTUF Preliminary Analysis of H.R. 2
H.R. 2, the "Repealing the Job-Killing Health Care Law Act," sponsored by Eric Cantor (VA), would repeal last year's controversial Patient Protection and Affordable Care Act Patient Protection and Affordable Care Act (PPACA). The bill would also repeal the health-related sections of the Health Care and Education Reconciliation Act of 2010, which used the budget reconciliation process to modify the PPACA before it was sent to the President for his signature.
The Congressional Budget Office (CBO) stated that it has not yet completed a detailed analysis of the budgetary impact of repealing those laws. In the meantime, it released a preliminary estimate of the changes in direct spending and revenues, reporting that H.R. 2 would increase the deficit by around $230 billion over the next ten years. This figure includes the repeal of costs to expand health care coverage under the law, savings that were assumed to occur in Medicare, and taxes established in the law (Americans for Tax Reform has compiled a comprehensive list of all the new taxes in the health care law). After a few days and numerous questions regarding this estimate, CBO provided some additional information: the bill would lower revenues (i.e., taxes) by $770 billion and lower spending by $540 billion.
Since BillTally only looks at the spending effects of legislation, these numbers are more helpful. However, the estimate excludes any changes in discretionary spending. It also fails to provide a year-by-year breakdown of the outlays. Under BillTally's methodology, a five-year budget window is used to determine the cost of legislation. Much of the spending in the PPACA occurs beyond that five-year window as components of the complex law are gradually implemented. Until CBO publishes its complete analysis of H.R. 2, NTUF will rely on data gleaned from CBO analyses released last year to estimate the cost of the health care package. Over Fiscal Years 2011 through 2015, H.R. 2 would decrease outlays by $102.679 billion, or $20.536 billion annually.
Estimated Budgetary Impact of H.R. 2 for FY 2011-2015 (in millions of dollars)
SEE CHART AT: http://www.ntu.org/ntuf/taxpayerstab/2-2.html--------------------------------------------------------------------------------
About NTUF
The National Taxpayers Union Foundation is a research and educational organization dedicated solely to helping citizens of all generations understand how tax policies, spending programs, and regulations at all levels affect them now and in the future. Through NTUF's timely information, analysis, and commentary, we're empowering citizens to actively engage in the fiscal policy debate and hold public officials accountable every day.
NTUF is a 501(c)(3) research and education organization. Donations are deductible for personal income tax purposes. Please make a donation today to help further NTUF's mission of research and education!
This information is for educational purposes only and is not intended to aid or hinder the passage of any legislation or as a comment on any Member's fitness to serve. Cosponsor information obtained from GovTrack.us.
Tuesday, January 11, 2011
The CBO's Fuzzy ObamaCare Math
A Congressional Budget Office (CBO) letter to House Speaker John Boehner says that the health law spends $780 billion in the next decade and pays for it by raising taxes and fees by $410 billion, and by reducing future Medicare funding by $500 billion. The CBO argues that the law raises more money ($910 billion) than it spends, but that is hardly sufficient reason to keep it, or any law, says Betsy McCaughey, chairman of the Committee to Reduce Infection Deaths and a former lieutenant governor of New York.
Amazingly, only 3 percent more people will have private health insurance in 2014 than would have it if the law hadn't passed.
But a staggering 85.2 million people will be on public insurance -- Medicaid and the State Children's Health Insurance Program (S-CHIP).
That is 31 percent of nonelderly Americans.
The new law stipulates that Medicaid must provide the same health benefits that employers will have to provide for their workers. To expand Medicaid, the law eviscerates Medicare. It is like robbing Peter to pay Paul, only it's robbing Grandma and Grandpa. The Centers for Medicare and Medicaid Services (CMS) shows that in 2019 the Obama health law reduces annual Medicare funding so much that it works out to $1,428 less for each elderly patient that year. Richard Foster, chief actuary for Medicare, has spoken with brave bluntness about the possible impact, warning that some hospitals may stop accepting Medicare, says McCaughey.
Source: Betsy McCaughey, "The CBO's Fuzzy ObamaCare Math," Wall Street Journal, January 8, 2011.
For text: http://online.wsj.com/article/SB10001424052748704739504576068064133862774.html?mod=googlenews_wsj
Amazingly, only 3 percent more people will have private health insurance in 2014 than would have it if the law hadn't passed.
But a staggering 85.2 million people will be on public insurance -- Medicaid and the State Children's Health Insurance Program (S-CHIP).
That is 31 percent of nonelderly Americans.
The new law stipulates that Medicaid must provide the same health benefits that employers will have to provide for their workers. To expand Medicaid, the law eviscerates Medicare. It is like robbing Peter to pay Paul, only it's robbing Grandma and Grandpa. The Centers for Medicare and Medicaid Services (CMS) shows that in 2019 the Obama health law reduces annual Medicare funding so much that it works out to $1,428 less for each elderly patient that year. Richard Foster, chief actuary for Medicare, has spoken with brave bluntness about the possible impact, warning that some hospitals may stop accepting Medicare, says McCaughey.
Source: Betsy McCaughey, "The CBO's Fuzzy ObamaCare Math," Wall Street Journal, January 8, 2011.
For text: http://online.wsj.com/article/SB10001424052748704739504576068064133862774.html?mod=googlenews_wsj
Tuesday, October 19, 2010
Chuck Norris
8 Steps To Rebuild America's Economy (Part 3)
The White House's wish almost came true last week. It was hoping most of us and even the mainstream media would miss the release of the Congressional Budget Office's preliminary report on the 2010 federal fiscal year. And most did.
The Wall Street Journal, however, exposed why the White House was being so secretive about its results: The CBO concluded that federal government spending has skyrocketed 21.4 percent in just the past two years since President Barack Obama took office!
The White House's actions remind me of President Ronald Reagan's words: "We could say they spend money like drunken sailors, but that would be unfair to drunken sailors. It would be unfair because the sailors are spending their own money."
It's no new revelation that Washington has lost its way from our Founders' vision and fiscal frugality. But in the past two years, it has become a financial runaway train. And it is only we the people who can save it from completely derailing our country and all of us on board.
Last week, I discussed the first five steps to regain control of Washington's insane spending and rebuild America's economy. Though I encourage readers who didn't read it to do so to get the details, I will summarize the first five points before I move on to the last three.
First, Washington should immediately stop any thought, form or legislation that would lead to more federal borrowing or bailouts -- no exceptions.
Second, Washington should downsize the federal government by enacting tough spending caps and making across-the-board mandatory 10 percent cuts -- no exceptions.
Third, Washington should immediately revise the 2011 federal budget to align with those priority reductions and eliminate absolutely all earmarks -- no exceptions.
Fourth, Washington should engage in only non-debt-building actions and legislation that would immediately encourage Main Street and augment entrepreneurial incentives, including a commitment to never increase taxes for anyone for any reason but cut more taxes, which would provide immediate relief and increase revenues for everyone.
Fifth, Washington should discuss ways to encourage and equip interstate commerce and more collaboration among neighboring states, counties and communities -- to brainstorm their own solutions to increase revenue and productivity in their own regions.
Sixth, we the people should hold Washington representatives accountable to our Founders' fiscal prudence and federal frugalities, both by our vote and their passing and living under a constitutional amendment for a balanced federal budget, which would require them to live within their means. A balanced budget amendment also would cut up big daddy's credit card in Washington with its unlimited credit limit.
Seventh, because we the people need to ensure our future economic stability and growth, we should seek to elect (or re-elect) only fiscally sound representatives who show proof of fiscal discipline, demonstrate a pay-as-you-go lifestyle and leadership, refuse under all circumstances to increase our national deficit and debts, disdain special interests, commit to live under a constitutional amendment for a balanced budget, understand how to grow jobs and the economy, and are willing to make the most difficult economic decisions.
We need to elect only leaders who would slash government spending and refuse to pay for programs that we cannot afford. We all must fight (once and for all) to elect fiscally prudent politicians like our Founders, those like Thomas Jefferson, who brought down the national deficit even though he made the Louisiana Purchase and engaged the U.S. in a war with Tripoli.
Jefferson's warning about government debt and taxes is more apropos now than ever before: "To preserve (the) independence (of the people), we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers."
This brings me to my eighth critical step in reining in and controlling the federal government's spending and rebuilding America's economy. We must return to a pay-as-you-go government and nation. It's our last resort for an out-of-control economy and government. As Jefferson once said, "the maxim of buying nothing but what we had money in our pockets to pay for (is) a maxim which, of all others, lays the broadest foundation for happiness."
Friends, it's not too late, but the window is closing fast. We likely have one more chance to drop our partisan divides and elect only those who would be strict constitutionalists and preservers of our Founders' vision, principles and fiscal prudence, before the American economy and government collapse.
It is the last hour before the election, and we patriots need to reawaken our friends and neighbors to vote, as I called on Americans to do in my recent comical production "Trigger The Vote."
For a voter guide detailing where candidates in your state stand on issues and the pros and cons of key propositions, go to http://www.christianvoterguide.com./
Most of all, we patriots need to fight with all our might to ensure the election on Nov. 2 of those across this land who firmly believe, as Reagan did, that "government is not the solution to our problem; government is the problem."
(I also encourage everyone to check out the trailers to two new patriotic films playing near you, "I Want Your Money" and "Battle for America.")
http://townhall.com/columnists/ChuckNorris/2010/10/19/8_steps_to_rebuild_americas_economy_part_3/page/2
The White House's wish almost came true last week. It was hoping most of us and even the mainstream media would miss the release of the Congressional Budget Office's preliminary report on the 2010 federal fiscal year. And most did.
The Wall Street Journal, however, exposed why the White House was being so secretive about its results: The CBO concluded that federal government spending has skyrocketed 21.4 percent in just the past two years since President Barack Obama took office!
The White House's actions remind me of President Ronald Reagan's words: "We could say they spend money like drunken sailors, but that would be unfair to drunken sailors. It would be unfair because the sailors are spending their own money."
It's no new revelation that Washington has lost its way from our Founders' vision and fiscal frugality. But in the past two years, it has become a financial runaway train. And it is only we the people who can save it from completely derailing our country and all of us on board.
Last week, I discussed the first five steps to regain control of Washington's insane spending and rebuild America's economy. Though I encourage readers who didn't read it to do so to get the details, I will summarize the first five points before I move on to the last three.
First, Washington should immediately stop any thought, form or legislation that would lead to more federal borrowing or bailouts -- no exceptions.
Second, Washington should downsize the federal government by enacting tough spending caps and making across-the-board mandatory 10 percent cuts -- no exceptions.
Third, Washington should immediately revise the 2011 federal budget to align with those priority reductions and eliminate absolutely all earmarks -- no exceptions.
Fourth, Washington should engage in only non-debt-building actions and legislation that would immediately encourage Main Street and augment entrepreneurial incentives, including a commitment to never increase taxes for anyone for any reason but cut more taxes, which would provide immediate relief and increase revenues for everyone.
Fifth, Washington should discuss ways to encourage and equip interstate commerce and more collaboration among neighboring states, counties and communities -- to brainstorm their own solutions to increase revenue and productivity in their own regions.
Sixth, we the people should hold Washington representatives accountable to our Founders' fiscal prudence and federal frugalities, both by our vote and their passing and living under a constitutional amendment for a balanced federal budget, which would require them to live within their means. A balanced budget amendment also would cut up big daddy's credit card in Washington with its unlimited credit limit.
Seventh, because we the people need to ensure our future economic stability and growth, we should seek to elect (or re-elect) only fiscally sound representatives who show proof of fiscal discipline, demonstrate a pay-as-you-go lifestyle and leadership, refuse under all circumstances to increase our national deficit and debts, disdain special interests, commit to live under a constitutional amendment for a balanced budget, understand how to grow jobs and the economy, and are willing to make the most difficult economic decisions.
We need to elect only leaders who would slash government spending and refuse to pay for programs that we cannot afford. We all must fight (once and for all) to elect fiscally prudent politicians like our Founders, those like Thomas Jefferson, who brought down the national deficit even though he made the Louisiana Purchase and engaged the U.S. in a war with Tripoli.
Jefferson's warning about government debt and taxes is more apropos now than ever before: "To preserve (the) independence (of the people), we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers."
This brings me to my eighth critical step in reining in and controlling the federal government's spending and rebuilding America's economy. We must return to a pay-as-you-go government and nation. It's our last resort for an out-of-control economy and government. As Jefferson once said, "the maxim of buying nothing but what we had money in our pockets to pay for (is) a maxim which, of all others, lays the broadest foundation for happiness."
Friends, it's not too late, but the window is closing fast. We likely have one more chance to drop our partisan divides and elect only those who would be strict constitutionalists and preservers of our Founders' vision, principles and fiscal prudence, before the American economy and government collapse.
It is the last hour before the election, and we patriots need to reawaken our friends and neighbors to vote, as I called on Americans to do in my recent comical production "Trigger The Vote."
For a voter guide detailing where candidates in your state stand on issues and the pros and cons of key propositions, go to http://www.christianvoterguide.com./
Most of all, we patriots need to fight with all our might to ensure the election on Nov. 2 of those across this land who firmly believe, as Reagan did, that "government is not the solution to our problem; government is the problem."
(I also encourage everyone to check out the trailers to two new patriotic films playing near you, "I Want Your Money" and "Battle for America.")
http://townhall.com/columnists/ChuckNorris/2010/10/19/8_steps_to_rebuild_americas_economy_part_3/page/2
Tuesday, September 14, 2010
Daily Policy Digest: Economic Issues
Third-Rail Economics
September 14, 2010
The cost of entitlement programs like Medicare and Social Security is racing ahead at the same time that the federal government is ladling out dollars to fight the recession. Meanwhile, we are contending with chronically high unemployment, insurmountable debt payments and a crushing tax burden that could kill U.S. competitiveness. Maybe, just maybe, those entitlements have to be redesigned, says Congressman Paul Ryan.
The Congressional Budget Office (CBO) projects that federal debt will, by 2020, rise to nearly 100 percent of gross domestic product (GDP) -- compared with 62 percent today and 36 percent only three years ago -- if the Bush tax cuts are extended, the alternative minimum tax is indexed for inflation and current spending policies remain in place. According to the Social Security Board of Trustees, by 2037 the program's trust funds will be depleted, says Forbes.
To keep that from happening, Ryan proposes to freeze nondefense discretionary spending -- 15 percent of the budget -- for 10 years and move to means-tested programs to cover retirees and sick people.
Ryan's tax plan would eliminate itemized deductions and set rates at 10 percent for the first $50,000 of income on an individual return and 25 percent for income above that.
He would replace the corporate income tax with an 8.5 percent business consumption tax.
Other proposals by Ryan include:
Wiping out ObamaCare and replacing it with a voucher-based system in which adults get a $2,300 refundable tax credit to pay for health care.
Similarly, Medicare recipients under age 55 today would, on retirement, get vouchers to buy private insurance.
He would also raise the eligibility age for both Social Security and Medicare to 69 and 70, respectively, by the end of this century.
Source: Brian Wingfield, "Third-Rail Economics," Forbes Magazine, September 13, 2010.
For text:
http://www.forbes.com/forbes/2010/0913/outfront-economy-taxes-obama-ryan-third-rail-economics.html
For Ryan's report:
http://www.roadmap.republicans.budget.house.gov/UploadedFiles/Roadmap2Final2.pdf
For more on Economic Issues:
http://www.ncpa.org/sub/dpd/index.php?Article_Category=17
September 14, 2010
The cost of entitlement programs like Medicare and Social Security is racing ahead at the same time that the federal government is ladling out dollars to fight the recession. Meanwhile, we are contending with chronically high unemployment, insurmountable debt payments and a crushing tax burden that could kill U.S. competitiveness. Maybe, just maybe, those entitlements have to be redesigned, says Congressman Paul Ryan.
The Congressional Budget Office (CBO) projects that federal debt will, by 2020, rise to nearly 100 percent of gross domestic product (GDP) -- compared with 62 percent today and 36 percent only three years ago -- if the Bush tax cuts are extended, the alternative minimum tax is indexed for inflation and current spending policies remain in place. According to the Social Security Board of Trustees, by 2037 the program's trust funds will be depleted, says Forbes.
To keep that from happening, Ryan proposes to freeze nondefense discretionary spending -- 15 percent of the budget -- for 10 years and move to means-tested programs to cover retirees and sick people.
Ryan's tax plan would eliminate itemized deductions and set rates at 10 percent for the first $50,000 of income on an individual return and 25 percent for income above that.
He would replace the corporate income tax with an 8.5 percent business consumption tax.
Other proposals by Ryan include:
Wiping out ObamaCare and replacing it with a voucher-based system in which adults get a $2,300 refundable tax credit to pay for health care.
Similarly, Medicare recipients under age 55 today would, on retirement, get vouchers to buy private insurance.
He would also raise the eligibility age for both Social Security and Medicare to 69 and 70, respectively, by the end of this century.
Source: Brian Wingfield, "Third-Rail Economics," Forbes Magazine, September 13, 2010.
For text:
http://www.forbes.com/forbes/2010/0913/outfront-economy-taxes-obama-ryan-third-rail-economics.html
For Ryan's report:
http://www.roadmap.republicans.budget.house.gov/UploadedFiles/Roadmap2Final2.pdf
For more on Economic Issues:
http://www.ncpa.org/sub/dpd/index.php?Article_Category=17
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