Charles Blahous and I have a new column in the Wall Street Journal on how Obamacare tries to double-count certain revenue to twist its budget figures:
One of the enduring mysteries of President Obama’s health law is how its spending constraints and payroll tax hikes on high earners can be used to shore up Medicare finances and at the same time pay for a massive new entitlement program. Isn’t this double counting?
The short answer is: Yes, it is. You can’t spend the same money twice. And so, thanks to the new health law, federal deficits and debt will be hundreds of billions of dollars higher in the next decade alone….
You can read the rest of our explanation of the Obama administration’s fiscal obfuscation here.
Diagnosis
May 2, 2012