OBAMACARE OOPS— New CBO Numbers: Cost Will Be DOUBLE the Promised $900 Billion - Category:Christian_Conservative_News
And the numbers just keep on coming.
OBAMACARE OOPS— New CBO Numbers: Cost Will Be DOUBLE the Promised $900 Billion
Not that the White House or the Democrats on the Hill really cared to begin with, but the Congressional Budget Office (CBO) sharpened its pencils again and made another pass at sizing up the projected cost of Obama’s healthcare plan.
Hardly a news flash to economist Steve Beaman, entrepreneur and chairman of The Steve Beaman Group, a personal development company, the CBO’s new projected 10-year price tag is $1.76 trillion—nowhere near the original $940 billion sales pitch to get it passed.
Why so off? Because in the political games people play, the 10-year projection when the bill was passed in 2010, was really a six-year projection fudge, based on the law not going into effect until 2014.
Now the figures are based on 2013 to 2022. And, when they establish a true 10-year projection for the first time next year, the number is expected to jump again, landing closer to $2 trillion, more than double what Obama sold the public.
“I couldn’t bottle up a cynical laugh when I saw this revised CBO number,” says Beaman, “because my first thought was, ‘And this is a surprise?’ In the middle of the 1960s, when the government (before the CBO existed) scored the Medicare program, the original number was a maximum outlay of $90 billion by 1990.
Well, oops. The actual number turned out to be $900 billion. So, I fully expect the CBO to continually increase this estimate until it hits roughly $9 trillion or 10 times the original cost estimate. Once again, history repeats itself.”
ABOUT STEVE BEAMAN:
Steve Beaman is a self-taught, self-made millionaire and, presently, founder & chairman of The Steve Beaman Group (SBG), a personal development company working to help people along the five paths to a transformed life. He is the author of two published e-books, one print book to be published, a two-volume, 12 CD audio library, and more than 200 SBG-casts highlighting articles that have been published on each of the Five paths.
He has been the keynote speaker at numerous Chamber of Commerce events and industry conferences. He’s been a guest on televised financial programs and he hosts his own monthly radio program, Life Changes.
Prior to founding the Steve Beaman Group, Steve established DuPage Business Partners, a venture capital and private equity firm that used the capital he had accumulated through the sale of his prior company. Through DuPage Partners, he invested in several companies in various industries.
Beaman’s most public success was the co-founding, development and sale of Chicago Investment Analytics, the premier provider of independent research on Wall Street. In 2000, after a successful 10-year run, “CIA,” as it was known, was sold to Charles Schwab and became the foundation of what is now known as the Schwab Equity Rating. During his time there, Steve was called “the best in the business” by one of the largest money managers in the U.S.
Prior to founding CIA, Steve worked with Wharton Econometrics, Zacks Investment Research, and the E.F. Hutton Company. He is a licensed private pilot and a licensed scuba diver.
He studied political science and history at Purdue University and attends College Church in Wheaton, Illinois. He is the father of six children.
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