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States that have refused to implement the Obama health law have already blocked $80 billion of its new deficit spending. If more states follow suit, they can block the other $1.6 trillion and force Congress to repeal the law.
Former Congressional Budget Office Director(CBO), Douglas Holtz-Eakin, provides this excellent economic analysis of the PPACA and illustrates how the law's provisions will negatively impact the existing dysfunctional programs of Medicaid/Medicare, disrupt the private insurance marketplace, impede growth to American small business and become a budget killer for states and our national debt.
It's been one year since the president signed the PPACA into law and the doctor has had a chance to examine the patient. Unfortunately, for patients, physicians and the American taxpayor, the diagnosis is grim. Despite all the lofty rhetoric, false projections and empty promises, the new healthcare law has failed to meet almost all it's goals. The good news is there is a treatment available. It is called repeal and replace with patient-centered, physician-led reforms that takes into consideration the perspective and experience of "practicing" physicians, not misinformed and sheltered academics and bureaucrats.
Michael Cannon explains all the deficiencies and negative consequences of the PPACA and why we need to shut it down and replace with alternatives that will protect what works well in the current system while addressing those areas that truly need reform. Furthermore, he makes the case for state governors to not initiate the groundwork for their state insurance exchange while waiting for a Supreme Court decision since this is exactly what this administration is counting on. The SCOTUS decision may very well be influenced by how entrenched the roots of Obamacare have taken. Complying with the HHS Secretary in laying the groundwork for this new bureaucracy will be counterproductive to states who are resisting the new law.
Following historical precedent, lawmakers fail to accurately forecast the actual costs of a massive entitlement program resulting in budget deficits, increased insurance premiums, reduced services and ultimately, increased taxes.
The vote to pass the PPACA was based on the Democrat leadership's cost estimate of $940 Billion. Since passage and detailed review of the legislative details, the CBO now estimates the cost to be $2.6 Trillion. In order to keep the costs down, 16 million Americans(half of the newly insured) will be forced into the individual state Medicaid programs which currently have a budget shortfall of $175 Billion. This unprecedented entitlement expansion adds another $158 Billion to this budget deficit.
The recently enacted Patient Protection and Affordable Care Act, the federal government’s sweeping health care legislation, will impose significant new costs on state government budgets, while also constituting a significant usurpation by the federal government of long-standing state authority over health insurance regulation.The immediate task for state lawmakers is to find ways to protect their constituents—including state taxpayers, health insurance policyholders, and individuals who depend on public health care programs—from the adverse effects of Obamacare.