Not sure what the final numbers were.
http://www.democraticunderground.com/discu... The Class Act could not be removed, it is a major component of saving...
the government 132 billion over 10 years.
Collect revenues now for a program that people will not need until some future date.
Both bills reduce the deficit because they collect money for a new long term care....
Posted by slipslidingaway in General Discussion: Presidency
Fri Nov 20th 2009, 12:24 AM
plan that will not have any cash outlays in the beginning years.
http://www.democraticunderground.com/discu... Generating revenue to cover the plan's cost over the 10 year period...bottom of page 7 in the CBO report. While the program itself sounds good, notice how this new piece reduces the deficit by 72 billion in the 10 year window.
Nice way to reduce the cost for Now.
The headline news was that this bill would reduce the deficit by 104 billion...
BREAKING: CBO Releases Numbers On House Health Care Bill : Reduce Deficit by $104 Billion
...so where did that reduction come from, it appears a large portion (72 billion) is due to this new long term care insurance, aka CLASS.
While that is something to celebrate, the plan would have people paying in over the 10 year budget window for something they will need in the future, naturally this will be all gains until people start drawing from the fund. For reference this is shown on page 26, Table 3 of the CBO report.
It reminded me of the SS Trust Fund that was pre-financed and helped to reduce the deficits, especially during the Clinton and Bush years...New CBO report, additional deficit reduction due to the CLASS program...
http://www.democraticunderground.com/discu... http://cbo.gov/ftpdocs/107xx/doc10741/hr39... "CBO’s corrected estimates
are that the monthly premium for the CLASS program as it is specified in H.R. 3962
would average about $146 in 2011 (as compared with $123 in the original estimate) and ...
Honorable John D. Dingell
Page 2
that the program would reduce deficits by about $102 billion over the 2010-2019 period,
rather than the original estimate of a reduction of about $72 billion over 10 years. (The
bill would require premiums to be set so as to cover the full cost of the program as
measured on an actuarial basis;
the program’s cash flows would show net receipts for a
number of years, followed by net outlays in subsequent decades.) Estimates of the
CLASS provision for each year between 2010 and 2019 can be found on page 11 of
Table 4."
