Courtesy of Karl Denninger of The Market Ticker
Yeah, we're going to cut the deficit in half in my first term, right? (Obama promise)
The Congressional Budget Office has extended its cost estimates for President Obama's health care law out to 2022, taking in more years of full implementation, and showing that the bill is substantially more expensive — twice as much as the original $900 billion price tag.
In a largely overlooked segment of the CBO's update to the budget outlook released Tuesday, the independent arm of Congress found that the bill will cost $1.76 trillion between now and 2022.
Oops.
This is how Washington works folks. Make claims that are patently false. On purpose.
Rig the scoring so the numbers come up "as you want", pass it, then stick the taxpayer with the truth later on. When called on it tell the people that if they don't put up with another $2 trillion immediately in borrowing authority that a meteor of a mile diameter will strike their house and lay waste the entire nation — tomorrow.
As expensive as it is, the CBO predicts the law will actually reduce the deficit because it increases the income from a range of tax increases and penalties on individuals, employers and insurance companies — by $81 billion more than last year's projection.
No it won't because those tax increases won't happen. We've already seen that, right? We had a "temporary" reduction in the payroll tax that Congress now can't let expire, just as the "temporary" Bush tax cuts couldn't be allowed to expire either.
None of the candidates or officeholders will actually increase taxes.
Nor will they, as you can see, cut spending — until forced to do so by the market.
Yes, Granny, that is a wall up ahead, we are hurtling toward it at 100mph and Barack Obama has his foot jammed on the accelerator.
Oh yeah, and I forgot to tell you — the car we're in was built by Government Motors and the doors don't unlock nor can the ignition be turned off.
