Blue Press Journal

Tag: Congressional Budget Office (CBO)

  • 25 Million Americans Face Significant Health Care Cost Increases: Donald Trump and the Republicans could stop it

    A looming deadline threatens to upend the health care landscape for millions of Americans, with 25 million individuals facing potential premium hikes and 4 million at risk of losing their insurance altogether. The clock is ticking on a Biden-era program that has made Affordable Care Act (ACA) coverage more affordable for non-elderly people who purchase private insurance on their own.

    The program, which is set to expire on December 31, has provided significant financial assistance to individuals and families who buy insurance through the ACA’s online marketplaces, such as HealthCare.gov and state-run exchanges like Covered California. This assistance has resulted in hundreds, and sometimes thousands, of dollars in annual savings for these individuals.

    However, if the program is allowed to lapse, the consequences could be severe. The Congressional Budget Office (CBO) predicts that over 4 million people will become newly uninsured, while millions more will be forced to choose between paying higher premiums or opting for less comprehensive coverage that leaves them vulnerable to larger out-of-pocket medical bills.

    “This would be a huge premium shock for many people, and would mostly dwarf any gains they’re getting from tax cuts in the Republican plan that just passed,” said Larry Levitt, a health policy expert at the Kaiser Family Foundation (KFF).

    The affected individuals are a diverse group, including contractors, small business owners, part-time students, and early retirees. They are spread across the country, with varying income levels, but all rely on the ACA’s marketplaces for their health coverage.

    Despite the potential consequences, the Trump administration and Republicans have shown no indication that they will take action to extend the program. This inaction has sparked concerns among health care advocates and experts, who warn that the expiration of the program could undermine the progress made in reducing the number of uninsured Americans.

  • Tax Cuts for the Rich: What’s the Real Cost?

    When republican policymakers propose massive tax breaks for the wealthy, what are the consequences for average Americans? Proposals put forth by Republicans, including those aligned with former President Trump, prioritize significant tax cuts for millionaires and billionaires. But analysis from the nonpartisan Congressional Budget Office (CBO) reveals the projected costs.

    The CBO estimates such policies would increase the national deficit by $2.4 trillion over the next decade. To pay for these tax cuts, spending is targeted. Proposals include phasing out green energy tax breaks and implementing new work requirements for Medicaid and SNAP, projected to cut millions from critical healthcare and food assistance programs – the CBO previously estimated nearly 4 million fewer people would receive food stamps monthly under similar changes, and projects 10.9 million more uninsured by 2034.

    This approach is projected to balloon the national debt, requiring a $4 trillion increase to the debt limit just to accommodate the borrowing. Critics point out a concerning pattern: while Republicans often express alarm over the debt when Democrats are in charge, their own policies are projected to dramatically increase it, largely to fund tax cuts for the rich.

    The message is clear: while the wealthy see tax reductions, average taxpayers face cuts to essential services, increased uninsured rates, and a rising national debt. The question of who benefits and who pays is answered by the numbers.