The “hefty” reason? The Obama administration is diverting $500 million to the IRS to help implement the health care law. The “huge” reason? A new report from Charles Blahous for the Mercatus Center finds “Over the years 2012–21, the ACA [ObamaCare] is expected to add at least $340 billion and as much as $530 billion to federal deficits while increasing federal spending by more than $1.15 trillion over the same period and by increasing amounts thereafter.”
The humongous reason to repeal ObamaCare is that it engorges America’s unfunded liabilities.
Jeff Sessions, the Senate Budget Committee’s top Republican, asked his staff to calculate ObamaCare’s long-term unfunded liability. Please be seated. That figure is $17 trillion. This surpasses today’s $15.6 trillion national debt by 9 percent!
Sessions’ analysts did not hallucinate this number. As the Alabaman explained March 29 on the Senate floor, “My staff used the models that are used by the Centers for Medicare and Medicaid Services and worked diligently to come up with a figure.” They spent three months to determine how much more “money we don’t have but that we are committed to spend” and relied on “the administration’s own optimistic assumptions and claims about the cost of the law.”
“I was floored by what we discovered,” Sessions said. “This health law adds an entirely new obligation — one we cannot pay for — and puts the entire financing of the United States government in jeopardy. We don’t have the money. We don’t have another $17 trillion in unfunded liabilities that we can add to our account.”