One of the first orders of business for the new Congress is the repeal of ObamaCare. As of 11:20 eastern this morning, the House has cleared the way for a vote on the repeal of the health care law.
Democrats are claiming that the repeal will cost $230 billion. They are basing this on the estimate of the Congressional Budget Office (CBO). But as former CBO director Doug Holtz-Eakin points out, the CBO can only estimate costs based on what is written into the law. If that law says that $500 billion will be cut from Medicare, as the ObamaCare law does, then CBO must take that as fact, even though, in reality, Democrats didn’t cut $500 billion from Medicare. They cut it using ObamaCare and then passed another law to put that money back. Basically, Congress did the kind of tricky accounting that would get Corporation prosecuted.
When the accountants claim the repeal of ObamaCare will cost $230 billion, they are basing it on assumptions that are written into the law. Holtz-Eakin calls this “garbage in, garbage out.” If the law is garbage, so will the CBO’s cost estimates. The repeal of ObamaCare won’t cost taxpayers. If anything, it will save taxpayers from the unnecessary burden of ObamaCare. But until Obama is out of office and no longer has veto power, full repeal remains unlikely.