Not only has the IRS issued a shocking new report stating that the cheapest plan under ObamaCare would cost a family $20,000 by 2016, another point highlighting the negative impact this law will have is a new report released yesterday by the Congressional Budget Office (CBO).
The non-partisan congressional agency estimates that some 7 million Americans will lose their employer-based coverage as businesses opt to pay the cheaper penalty rather than continuing to provide health insurance benefits:
President Obama’s health care law will push 7 million people out of their job-based insurance coverage — nearly twice the previous estimate, according to the latest estimates from the Congressional Budget Office released Tuesday.
CBO said that this year’s tax cuts have changed the incentives for businesses and made it less attractive to pay for insurance, meaning fewer will decide to do so. Instead, they’ll choose to pay a penalty to the government, totaling $13 billion in higher fees over the next decade.
According to the Washington Times, the CBO also noted that the law will cost $1.165 trillion over the next 10 years.
The hits just keep on coming with ObamaCare. Many of the major promises made to justify the law, as Daniel Kessler wrote last week at the Wall Street Journal, have turned out to be completely false. The numerous problems with President Obama’s health care reform law aren’t exactly surprising, but the warnings against ObamaCare are soon to be realized by hardworking Americans.