The Congressional Budget Office (CBO) released its new 10 year baseline, which shows “daunting economic and budgetary challenges” facing the United States. Without change, the nation could potentially face a Greece-like economic crisis according to Heritage budget expert Brian Riedl.
One such policy driving the deficit is the “doc fix.” Ever year, doctors are scheduled to receive severe pay cuts under Medicare, which threaten seniors’ access to care. As a temporary fix, Congress continually passes a fix to delay the cuts. The CBO warns if the cuts are extended indefinitely, deficits from 2012 through 2021 would average about 6 percent of GDP.
Federal spending on health care is also a prime culprit in the future bankruptcy of our country. According to the CBO:
Spending on the government’s major mandatory health care programs—Medicare, Medicaid, the Children’s Health Insurance Program, and health insurance subsidies to be provided through insurance exchanges—along with Social Security will increase from roughly 10 percent of GDP in 2011 to about 16 percent over the next 25 years. If revenues stay close to their average share of GDP for the past 40 years, that rise in spending will lead to rapidly growing budget deficits and surging federal debt.
As America continues to face economic instability, ObamaCare seeks to expand our deficit by billions each year. A federal healthcare law devastating the US economy, further spiraling America into an uncontrollable debt, surely cannot lead to a path of prosperity and “quality” healthcare access for all.