"Even if we accept all of the economic and moral reasons to providing affordable coverage to all Americans, there's no denying that expanding coverage will come at a cost, at least in the short run. But it is a cost that will not, I repeat, will not, add to our deficits. I've sent out a rule for my staff and my team and I've said this to Congress, healthcare reform must be and will be deficit neutral in the next decade."Three years after Obamacare's passage, more than half of Americans aren't buying it and think Obama's signature legislation will increase the deficit, not decrease it.
Most voters continue to have an unfavorable opinion of the health care law, and believe it will increase the nation’s deficit and drive up health care costs.According to the Congressional Budget Office, the budget deficit for 2012 was a whopping $1.087 trillion, the fourth year in a row the United States has seen a trillion dollar deficit. CNSNews has more on these numbers:
Forty-one percent (41%) of Likely Voters have at least a somewhat favorable impression of the health care law, while 54% view it unfavorable, according to a new Rasmussen Reports telephone survey. This includes 20% with a Very Favorable opinion of the law and 39% with a Very Unfavorable one.
Fifty-three percent (53%) believe the health care law will increase the federal deficit. That’s the highest level measured in almost a year but is still down from 60% just after the law’s passage. Seventeen percent (17%) say the law will reduce the deficit, while another 19% believe it will have no impact.
Last year’s $1.087 trillion deficit was even greater in inflation-adjusted dollars than the peak World War II deficit of fiscal 1943—which was $54.554 billion in 1943 dollars and $723.8714 billion in 2012 dollars, according to the Bureau of Labor Statistics online inflation calculator.Got that? The short version of this whole thing is that the government is spending $1 trillion more than it takes in. The deficit will never be neutral with this continued style of spending and considering Obamacare is going to cost at least $3 trillion over the next ten years, we're in major trouble.
The deficit has also remained at a higher percentage of GDP over the last four years than at any time since the conclusion of World War II (which ended during fiscal 1946, which began in June 1945).
In February, the CBO had initially calculated that the deficit for fiscal 2012, which ended on Sept. 30, 2012, had been $10894 trillion. That was based on an estimation that the federal government had taken in $2.4491 trillion in taxes during the year and spent $3,5385 trillion.
In May, the CBO revised those figures, putting the fiscal 2012 deficit at $1.087 trillion, based on a slightly higher federal revenue intake of $2.4502 trillion and slightly lower spending of $3.5371 trillion.
|Katie Pavlich is the News Editor at Townhall.com. Follow her on Twitter @katiepavlich. She is also the author of Fast and Furious: Barack Obama's Bloodiest Scandal and the Shameless Cover-Up.
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