- Obamacare to cost 7 million people insurance coverage
- Businesses struggle to keep up with new regulations
- Obamacare to cost taxpayers $1.165 trillion over 10 years
According to the Congressional Budget Office, the costs required to meet the demands of Obamacare will cost 7 million people their insurance coverage as companies struggle to sift through the new law. This was twice the original estimate.
“CBO said that this year’s tax cuts have changed the incentives for businesses and made it less attractive to pay for insurance, meaning fewer will decide to do so,” wrote the Washington Times. ”Instead, they’ll choose to pay a penalty to the government, totaling $13 billion in higher fees over the next decade.”
Over the next 10 years, the new healthcare law will cost the government an estimated $1.165 trillion.
This comes as several governors, who had previously vowed to oppose the new government mandate, caved to federal pressure and promises of money. Ohio governor John Kasich now supports the measure in his state, along with governor Jan Brewer of Arizona. According to Kasich, his reason to now support the law was to avoid “leaving Ohioans’ federal tax dollars on the table and keeps the federal government from simply giving them away to other states.”