With the Obama administration’s abandonment of its CLASS (Community Living Assistance Services and Supports) Act yesterday, the cost of Obamacare for its real first six years alone (2014 to 2019) just went up $53.6 billion, according to Congressional Budget Office (CBO) estimates. The AP reports, “By law, implementation of the program was contingent on [Health and Human Services Secretary Kathleen] Sebelius certifying it financially sound,” which yesterday she declared was impossible to do. Politico describes the Obama administration’s abandonment of the CLASS Act as “a stunning end to the financially troubled long-term care insurance program and a major setback to the health care reform law.”
The CLASS Act was constructed to produce short-term “savings” at taxpayers’ long-term peril, with the “savings” going to fund Obamacare. These were transparently phony savings, to be sure, amounting to $53.6 billion from 2014 to 2019, according to the CBO (see table 4). Still, the way the CBO scores things, taxpayers will now have to come up with an additional $53.6 billion to cover the costs of Obamacare over its real first six years alone — or else repeal it.