I know that no one reading this is surprised in the least. The question in my mind is how best to punish those — the president especially — for being such incredible liars. The Democrats in Congress knew exactly what they were doing when they based their projections of ObamaCare’s cost on 10 years of revenue and only 6 years of expenditures. Both the president and congressional Dems aren’t idiots when it comes to history either. No entitlement in history has ever met expectations as far as its cost is concerned. Social Security, Medicare, social welfare programs like food stamps — all far exceeded their original estimated cost. In the case of Medicare, as this Reason article from 1993 points out, the difference in estimated to real costs between 1965 and 1990 either makes one giggle uncontrollably or makes one want to put his fist through the wall:
At its start, in 1966, Medicare cost $3 billion. The House Ways and Means Committee estimated that Medicare would cost only about $ 12 billion by 1990 (a figure that included an allowance for inflation). This was a supposedly “conservative” estimate. But in 1990 Medicare actually cost $107 billion.
There is also no guarantee that in the next decade — assuming ObamaCare survives — subsidies won’t be increased, coverage won’t be expanded, or other little goodies won’t be added to make this black hole of a program even more expensive. In fact, given the rate at which the cost of health insurance is rising, it is likely that an increase in subsidies will be needed almost immediately.
This isn’t the last increase in the estimated cost for ObamaCare we will see before 2014.