Morning Bell: President Obama’s Job Killing Health Care Tax
Conn Carroll /
On June 15th, the Congressional Budget Office issued a crushing blow to President Barack Obama’s health care plan, placing a $1 trillion price tag on the Senate Health, Education, Labor and Pensions (HELP) committee’s draft legislation. And what did Americans get for their $1 trillion in new debt? A measly16 million net decrease in the number of people uninsured. Liberals in Washington decried the CBO’s findings, complaining that they had scored an incomplete version of the bill.
So this past Friday, the CBO released a fuller scoring of HELP’s legislation, and indeed, the overall impact on our nation’s debt is lower: a mere $597 billion would be added to federal budget deficits over the 2010-2019 period.
How did HELP lower the bill’s budget busting total? Did they “bend the curve” on health care costs? Did they weed out administrative costs? Eliminate waste? Nope. The Washington Post reports:
Committee staffers reworked the bill — and added a new provision requiring most employers to contribute to the cost of health insurance — to arrive at the lower estimate. Under the new proposal, any business with more than 25 workers would be required to offer coverage or pay a $750 penalty per employee.