Michael, You wrote, "And if a state doesn't expand its Medicaid program, most of those who would've been eligible for Medicaid will now become eligible for subsidies through ObamaCare's health-insurance exchanges. And those subsidies are paid in full by the feds."
Just where do the feds get the money to pay for this? With the current and projected deficits they get it by selling unsecured Treasury securities through their Treasury operated Ponzi scheme!
Unless the Congress has a sudden epiphany and eliminates the recurring deficits, the debt bubble will continue to grow until it ultimately bursts. The bigger the bubble, the more catastrophic the result will be. It isn't if the bubble will burst but when it will if nothing changes.