A billion here, a billion there
Speaking in Glenside, Pa., to pitch health care reform for what seems like the billionth time, President Obama said this:
Our cost-cutting measures mirror most of the proposals in the current Senate bill, which reduces most people’s premiums and brings down our deficit by up to $1 trillion over the next decade because we’re spending our health care dollars more wisely. Those aren’t my numbers. Those aren’t my numbers — they are the savings determined by the Congressional Budget Office, which is the nonpartisan, independent referee of Congress for what things cost.
The president’s claim of $1 trillion in savings during the next 10 years is off — way off. The CBO estimated that the Senate health care bill would reduce projected deficits by $132 billion. Obama’s number is inflated by about $868 billion.
According to Fox News’ Major Garrett, the president misspoke:
When contacted, a White House official said the President meant to say the Senate bill would save $1 trillion in its second decade.
O.K. Sometimes the teleprompter plays tricks.
But claiming a savings of $1 trillion during the second decade of health care reform is still a stretch, at Garrett reports:
The budget office did project possible second-decade savings of up to $1 trillion, but attached this note of caution: “A detailed year-by-year projection for years beyond 2019…would not be meaningful because the uncertainties involved are simply too great.”
In fact, if you read the CBO’s analysis, its cost and savings estimates beyond 2019 are full of caveats and doubts.
Sources:
The White House, March 8, 2010
Remarks by the President on Health Insurance Reform
Fox News, March 8, 2010
Obama Overstates Health Care Savings by $868 Billion
Congressional Budget Office, Dec. 19, 2009
