Long-term cons: Obamacare was ‘paid for’ by nationalizing student loans

IIt may be hard to remember those days when a Democratic White House proudly rejected any guide to such things as the economy or the Constitution. But in the Obama era, they considered themselves buffs. And Obamacare was supposed to be the triumph of the assholes.

As the law aged, its rickety construction became clearer, which is why most of the 2020 Democratic presidential candidates ran to replace Obamacare. Among other issues, the bill’s “remunerations,” the revenue increases meant to mitigate the law’s effects on the deficit and inflation, have all evaporated.

Specifically, Democrats repealed them, showing that they never really intended the bill to cut health care spending or pay for itself.

The CLASS ACT was the brainchild of Ted Kennedy, creating national long-term care insurance. The Democrats included it in Obamacare, and it was actually called a revenue boost – supposedly $87 billion over 10 years, because people would pay premiums, and the benefits wouldn’t come out until the most of the time after the 10-year window over which budgetary analyzes are made.

It was a horrible idea, of course, and it was scrapped. Those $87 billion in imaginary savings, however, were part of what allowed Obama and congressional Democrats to claim the law was “paid for.”

Another foregone revenue increase in Obamacare was an absurd and intrusive tax hike. The “1099 provision” would have required freelancers to file 1099 forms for almost all business transactions, such as buying equipment or hiring a repairman. Congress repealed this terrible provision.

The Obamacare medical device tax has been repealed. I wrote in 2013 about another bogus payment Obama delayed: “Obamacare was supposed to save money by cutting Medicare Advantage spending — the cuts reportedly became apparent last fall. But the law also allowed HHS to run “demonstration programs” in Medicare, experiments to find new ways to improve care and reduce costs. So Obama used most of the money from that ” demonstration program” to delay Medicare Advantage cuts until after the 2012 election.”

And now another Obamacare pay-for has been eviscerated by Biden. Watch this video from the time:

I understood? By nationalizing the student loan industry, which previously had federal guarantees for private banks, Obamacare would raise $58 billion in revenue over a decade.

Some Democrats have promised even more. “Part of the Reconciliation of Health Care and Education Accessibility Act of 2010 will bring key changes to the student loan industry,” said Sen. Tom Carper (D-DE). “This measure will save taxpayers nearly $70 billion over 10 years.

So, to all the other ways this student loan bailout is reprehensible, here’s another one. This is yet another abandonment of the lies used to sell Obamacare. Of all the bogus claims he’s paid for on his own, this is just the latest to fall apart.

About Judith J. George

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