The CBO Says that Obama’s Healthcare Reform Will not Save Money

The biggest reason that we have been given as proof that we need healthcare reform is the skyrocketing costs of healthcare. The president has claimed that his plan will help to slow the rising costs of healthcare. He has claimed that by spending trillions of dollars on reform we would save money over the long run.

Much like the spin on the stimulus package, which failed to provide the “shovel ready” jobs that it promised, it appears as though healthcare reform will not provide the promised savings. At least that is what the latest report from the Congressional Budget Office said.

The CBO has estimated that healthcare reform will save $2 billion over ten years and while that sounds wonderful it is only a fraction of the $1 trillion that healthcare reform will cost. Obama’s plan will spend $1 trillion to save $2 billion. Does that sound like a wise investment? It sure as hell doesn’t to me.

Here is what Mitch McConnell had to say about this report:

The President said that rising health care costs are an imminent threat to our economy and that any reform must reduce these long-term costs. But CBO has made clear once again that the Democrats’ bills in Congress aren’t reducing costs and in fact could just make the problem worse

I think that statement sums it up quite well. Under the president’s plan we are going to raise taxes during a recession that will cost the American people damn close to $1trillion. The only thing that this will accomplish is to assure that the country’s economy will keep sliding downhill.

As if we needed another reason to oppose this bill. The CBO’s assessment of the costs of Obama’s healthcare reform bill should be the final nail in the coffin to this legislation.