Scary Harry Reid released the brand new Senate health care reform bill. I’ve added it to the source document list to the left, and I will begin reading it sometime tomorrow. According to early reports, the bill will cost $849 billion over 10 years, and will reduce the deficit by $127 billion over that same 10 years.
$127 billion dollars sounds like an awful lot, except it’s not. Not really. The federal deficit for October 2009 alone, was $176 billion. Think about it. The Senate version of health care reform will reduce the deficit by $1.058 billion per month for 10 years. If we have more months like October 2009, the deficit will still rise by more than $174 billion every month.
The next time you hear someone brag about this bill “reducing the deficit” just slap them in the face with the facts and watch the blood drain from their face.
The Senate health care bill is being introduced as an amendment, in the form of a substitution, for House Resolution 3590. HR 3590 had absolutely nothing to do with health care before this substitution.
Early reports indicate that this substitute HR3590 contains a 40% excise tax on health care plans which are in excess of $8,500, an additional 0.5% Medicare tax on wages in excess of $106,800, and additional fees for manufacturers of certain drugs and medical devices. The bill also raises taxes by $370 billion over 10 years, and it doesn’t stop there. The Senate health care reform bill allows for taxpayer-funded abortions through the public health insurance plan and the health insurance “exchange”.
In short, the Senate bill will raise premiums, raise taxes, and cut benefits. You can read the Congressional Budget Office score of the bill (PDF), for more information on the costs of this version of health care reform but remember one thing. The bill they scored for this report (HR 3590) will not be the same bill (therefore their score of the bill will no longer be valid) once it passes. It is sure to “evolve” before any final vote comes to the Senate floor.
Like I said at the beginning of this post, I will begin my review of the substitute to HR3590 tomorrow evening. Until then, get reading. Don’t make me do it alone.