The Monitor Daily

Tuesday, January 26, 2021
Log in

As a participant in the Amazon Services LLC Associates Program, this site may earn from qualifying purchases. We may also earn commissions on purchases from other retail websites.

  • Home
  • Politics & National News
  • Business News
  • Tech & Science
  • Health & Lifestyle
  • About us
    • Contact US
    • Privacy Policy GDPR
    • Terms of Use
  • Latest News
    • Stormy Planet
    • US Surgeon Performs Face Transplant
    • 2017 MTV VMAs Nominations Are In And Voting Is Now Open
    • Bright House: Free McAfee AntiVirus and Adult Controls
    • Antarctic Yeti Crab Gets Formal Scientific Name
    • Spiders Take Over Australian Town
    • Interesting Facts About the Apollo 11 Mission
    • Social Smoking or The New Landmark of Elegance Among Young Women
    • Rare Weasel Returns To Washington State

Pages

  • About The Monitor Daily
  • Contact US
  • Our Team
  • Privacy Policy GDPR
  • Terms of Use

Recent Posts

  • Precisely what is Administration Buyback? Feb 12, 2020
  • Precisely what is Administration Buyback? Feb 12, 2020
  • Where by do Registered requests get kept Dec 1, 2019
  • Find a Star of the event on the Submit Purchase New bride List May 19, 2019
  • Locate Really enjoy On the internet Apr 30, 2019
  • Get Love On the net Apr 12, 2019
  • NYC Man Snaps Photo of the Victim After Sucker-Punching Him in Broad Daylight Jun 29, 2018

Repealing Obamacare Would Lead to Budget Deficit

By 1 Comment

Repealing Obamacare Would Lead to Budget DeficitA report from the Congressional Budget Office released on Friday states that repealing 2010’s Affordable Care Act would add $137 billion to the U.S. budget deficit throughout 2025, while also leaving more than 24 million Americans with no health insurance by 2020.

This announcement comes as the push for repeal in Congress becomes more and more intense, with many republican congressmen backing such a measure. The budget office is an independent office which provides estimates and projections of the financial impact of proposed laws.

The deficit will happen even though this time the measurement was done using a method backed by many republicans called dynamic scoring, which attempts to estimate the secondary effects which a certain law would have on the country’s economy, besides direct funding. Though criticized for providing uncertain results, many republicans pushed for an analysis with this method in hopes that it would prove a repeal act to be viable.

However, the budget office report states that despite the money saved by terminating federal funding for insurance of low-income citizens, the losses from the additional taxes and Medicare-related cuts which would also be negated by a repeal would prove to be a bigger hit to the budget.

The direct impact of a repeal would actually have the deficit grow up to more than $350 billion in 2025, but secondary effects – such as the fact eliminating federal assistance would make more Americans remain or join the workforce to pay for their insurance, which would bring in more taxes – would level it to about $137 billion. This would also boost the economy by 0.7 percent yearly for a period, due to the same rise in workforce and working hours factors.

Unfortunately for repeal enthusiasts, this would not be enough to offset the budget deficit, with lawmakers now forced to find other possible sources of income to cover it. Particularly, the excise tax for high-cost insurance plans would be hard to replace in the funds it brings.

The budget office’s conclusion in the report was that Obamacare has become too embellished into the medical and health care systems for it to be repealed without negative consequences. This is because most of the provisions of the 2010 act have already taken full effect and eliminating them would complicate matters even more. However, it is unlikely that Republicans will abandon plans for repealing the act, as they consider that it actively affects the U.S. economy by slowing down employment and labor force participation.

Image Source: The Yucatan Times

Share this:

  • Tweet
  • Share on Tumblr

Filed Under: Politics & National Tagged With: obamacare budget deficit, obamacare repeal

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 34 other subscribers

Operation Paperclip

Remembering Georg von Tiesenhausen, Last Member of Von Braun’s Rocket Team

By Leave a Comment

giant ground sloths on white background

It Seems that Giant Sloths Once Roamed Earth, and Humans Used to Hunt Them? (Study)

By Leave a Comment

sn 2001ig supernova explosion and images of its stars

A Star Escaped a Supernova Explosion, and NASA Snapped its Picture

By Leave a Comment

ngc 6420 galaxy resembling a giant butterfly

Hubble Spots Giant Butterfly Formed by a Black Hole and Stellar Winds (Study)

By Leave a Comment

infrared image of a dog

Space Technology Could Help Protect Earth’s Endangered Species

By Leave a Comment

snake slithering on a beige background

Kirigami Skin Is Helping a Soft Robot Slither Like a Snake (Study)

By Leave a Comment

woolly mammoth

Ice Age Tracks Reveal How Young Mammoths Cared for Adult Ones (Study)

By Leave a Comment

High Priestess tomb.

Archaeologists Discovered 4400-Years-Old High Priestess Tomb Near Cairo

By Leave a Comment

dwarf galaxies

Dwarf Galaxies Challenge the Entire Dark Matter Cosmology (Study)

By Leave a Comment

NASA Scientists and Food Experiments

NASA Scientists to Test if Astronauts Could Eat Their Own Poo

By Leave a Comment

KFC Smoky Wings Box Can Turn into Awesome Drone

By Leave a Comment

Tesla Model S

Tesla Model S Involved in Autopilot Malfunction Accident

By Leave a Comment

Duke Nukem.

John Cena Cold Feature in Duke Nukem Movie

By Leave a Comment

Battlefield One

Battlefield One Apocalypse DLC to Land in February

By Leave a Comment

Related Articles

  • IRS

    Professional Police Interrogator Exposed Fake IRS Agent Over the Phone

  • mumps

    Mumps Spreads to Barrington High School, Two Cases Confirmed

  • satanic ritual

    Two Teenage Gang Members Accused of Murdering Underage Girl in a Satanic Ritual

  • uber driver confronts CEO

    Heated Argument Among “Partners” – Uber Driver Confronts Company’s CEO

  • lawyer

    Minnesota Lawyer Diagnosed with Brain Tumors after Fatally Striking a Jogger

  • jeanette epps

    Jeanette Epps, First International Space Station African-American Crew Member

  • spokane police officer

    Spokane Police Officer Rescues Navy Veteran from Burning Car

  • Barack Obama

    Barack Obama ranks as 12th Best U.S. Political Leader of All Time

  • columbia univesrity

    Columbia University Issues Acceptance Letters to 277 Applicants, Retracts Them One Hour Later

  • california storm

    Powerful Storm Hits California, Claims Two Lives

Categories

  • Business News
  • Entertainment
  • Featured
  • Health & Lifestyle
  • Nature
  • Politics & National
  • Sports
  • Tech & Science
  • US
  • World

Copyright © 2021 TheMonitorDaily.com

About · Privacy Policy · Terms of Use · Sitemap · Contact

This website uses cookies to ensure you get the best experience on our website. Learn more.