John F. Cogan, R. Glenn Hubbard and Daniel Kessler try to debunk two of President Obama's most compelling -- and oft-repeated -- claims about a universal health insurance plan. Namely, Obama's plan claims that it will benefit everyone who already has health insurance and will not add to the burgeoning federal deficit.
The mandates will lead to large increases in the cost of health insurance for everyone. Research studies have shown that as people become insured, especially under a health plan that offers broad coverage and low copayments, they consume more health-care services. The best estimates indicate that each newly insured person will approximately double his or her health spending. ...
The entitlement-based subsidy, combined with the proposed Medicaid expansion, would add between $700 billon and $1.2 trillion to federal spending over the next decade, according to the Congressional Budget Office. The new entitlements would come on top of existing federal health-care entitlements that the government has been neither able to control nor finance.
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