Health Care Reform is a worthy goal, and most Americans agree that some type of health care reform is needed. But can our nation afford President Obama’s version of health care reform? What will it do to our budget deficit and national debt?
Official projections are that it will reduce the budget deficit and the national debt because of cost savings and efficiencies. In this article, I want to put forth an opposing point of view. I believe that this health care reform will ultimately prove to cause dramatic increases in the budget deficit and the national debt. There are two reasons I believe this.
First, the projected cost savings from this health care reform are based on rosy scenarios that are not likely to become reality. When push comes to shove, the savings will simply not materialize. For example, does anyone really believe that Congress will find $500 billion worth of savings in the Medicare program to help pay for health care reform? It’s simply not going to happen.
Second, government is notorious for underestimating the cost of reforms such as this. The Medicare insurance program has been vastly more expensive than it was projected to be when it was passed. And every state that has implemented health care reform at the state level has dramatically underestimated the cost.
So while health care reform is a worthy goal, I believe the sad legacy of this reform will be spiraling costs that contribute to larger deficits and increased national debt.
Thank you for visiting this site and reading this article on health care reform. Your interest in the national debt and related topics is very much appreciated, and you are invited to read additional articles on this site.