…and that price doesn’t include the so-called “Public Option” either. So says the Director of the Congressional Budget Office on his Director’s Blog.
In case that’s too many zeroes for you to count up in the headline, it’s one TRILLION dollars, with a “T,” which will result in an estimated 23 million Americans losing private health insurance. An estimated 39 million Americans will sign-on to the new plan, leaving us with a net of roughly 16 million new insurees. At that price, it’s the equivalent of buying $62,500 worth of coverage for each of the 16 million new insurees. It’s a bit perplexing, even by the woefully inefficient standards of government, until you realize that the ultimate point is to eliminate private insurance entirely.
And of course, the Director’s estimate doesn’t even touch on the myriad of other problems with all the various plans floating about (more info from Keith Hennessey about the Senate bill (Kennedy-Dodd) here, here and here, and about the House bill here – more info about the debate in general from The Heritage Foundation here.
Update: Headline fixed. AP is now reporting that Senate sources say the actual cost is closer to 1.6 TRILLION.