Despite Promises, Obamacare Will Add to Federal Deficits
Those savings disappeared fast
In September 2009, President Obama promised the country that "I will not sign a plan that adds one dime to our deficits — either now or in the future."
But it turns out Obama did sign such a plan — in fact, ObamaCare could add upwards of 180 billion dimes to the deficit in its first 10 years, an IBD analysis of various official budget reports found.
According to the Congressional Budget Office's initial forecast made in March 2010, ObamaCare was supposed to cut the deficit a total of $124 billion in its first decade. Democrats seized on this to show Obama had lived up to his promise.
Almost as soon as Obama signed the law, however, his administration started making changes that added costs and cut revenues. The most recent was the one-year delay in the employer mandate.
The result is instead of a $124 billion deficit cut from 2010 to 2019, ObamaCare will likely add about $18 billion in red ink over those same years. And that assumes nothing else changes in the years ahead.
