On the night of September 9, 2009, a still highly popular President Barack Obama spoke spiritedly to a joint session of Congress. He had summoned the members of both parties to introduce his plan to transform American health care.
The promises he made that night were many and, to most in the television audience, at least, sounded fresh. “Nothing in this plan will require you or your employer to change the coverage or the doctor you have,” said the president. “Let me repeat this: nothing in our plan requires you to change what you have.”
Simmering throughout this litany of disinformation was an obscure five-term South Carolina congressman named Joe Wilson. When Obama denounced as false the claim that this proposed health care system “would insure legal immigrants,” Wilson could hold his tongue no longer. “You lie!” he yelled.
Widely chastised at the time, Wilson had to feel vindicated this week when a report surfaced that 42 percent of new Medicaid sign-ups were immigrants, legal and otherwise. This added weight to the recent revelation that most of those newly insured for Obamacare had been insured through Medicaid.
The Affordable Care Act is set to cost students enrolled in the government’s loan program $8.7 billion in extra interest over the next decade, according to a report published by the non-partisan Congressional Budget Office (CBO).
If savings were kept inside the loan program, instead of transferred to Obamacare, as some Republican senators are suggesting, they could allow the Department of Education to lower student interest rates to 5.3 percent from 6.3 percent, according to the CBO.
The nearly $9 billion being used to fund Obamacare is derived from $61 billion the government says it will save by administering student loans in-house.
Late last month former secretary of education and ranking member of the
According to a report from the CBO, Obamacare is costing students enrolled in
Senate Committee on Health, Education,
the government’s loan program an extra $8.7 billion in interest.
Labor and Pensions Lamar Alexander (R-Tenn.) seized on the diversion of the funds as one solution for lowering student interest rates, which are set to double on Monday.
“The Congressional Budget Office estimates that if we applied that $61 billion savings to student loans, we could have reduced the interest rates to about 5.3 percent and save the average student $2,200 over 10 years,” said Alexander, speaking from the Senate floor.
(Excerpt) Read more at campusreform.org …
Worst. President. Ever.
The CBO confirmed today that the $787 billion Obama-Pelosi stimulus plan damages the economy in the long run. The Washington Times reported:
The Congressional Budget Office on Tuesday downgraded its estimate of the benefits of President Obama’s 2009 stimulus package, saying it may have sustained as few as 700,000 jobs at its peak last year and that over the long run it will actually be a net drag on the economy.
CBO said that while the Recovery Act boosted the economy in the short run, the extra debt that the stimulus piled up “crowds out” private investment and “will reduce output slightly in the long run — by between 0 and 0.2 percent after 2016.”
The analysis confirms what CBO predicted before the stimulus passed in February 2009, though the top-end decline of two tenths of a percent is actually deeper than the agency predicted back then.