Huge Financial Losses in Romneycare portend even Greater Losses for Obamacare

Posted by PITHOCRATES - January 11th, 2014

Week in Review

Mitt Romney is a Republican.  He was governor of the predominantly Democrat state of Massachusetts.  The first to implement universal health care.  Something the Democrats kept saying during the Obamacare debates.  And since.  Calling the universal health care system in Massachusetts Romneycare.  In fact they said that Obamacare was nothing more than Romneycare writ large.  Basically Romneycare at the national level.  And that the Democrat Obamacare will be as successful as the Republican Romneycare.  Well, it turns out Romneycare isn’t that good after all (see Report finds billions wasted on health care by Liz Kowalczyk posted 1/9/2014 on The Boston Globe).

It’s no surprise that money is routinely wasted on unneeded medical care, but for the first time, officials have estimated just how many health care dollars may be squandered in Massachusetts. It could be as much as $27 billion a year…

One large chunk of that went toward readmitting hospital patients who could have stayed home if their discharge planning had been better, such as having proper instructions for taking medication…

It also blamed emergency room visits that could have been prevented with better primary care and treatment for hospital-acquired infections. Other factors included inappropriate imaging tests for low back pain, and unnecessarily inducing labor early in women, which can increase health problems for infants…

In its report, the group pointed out that per-person spending on health care in Massachusetts is the highest in the nation and grew far faster than the national average until 2009. After that, increases in both national and state spending slowed…

The commission also analyzed high-cost patients, providing the first statewide attempt at “hot-spotting’’ — the identification of chronically ill patients who repeatedly visit emergency rooms and are often hospitalized…

It found that 5 percent of patients accounted for nearly half of all medical spending among those covered by Medicare and commercial insurance.

Because of the inefficiencies of universal health care Massachusetts may waste up to $27 billion a year.  That’s about $4,063 per person in Massachusetts they throw away each year.

Massachusetts had a 2012 population of 6,646,144.  The 2012 U.S. population was 313,914,040.  The U.S. population is about 47.2 times (313,914,040/6,646,144) the population of Massachusetts.  If Obamacare is truly Romneycare writ large then we can forecast the Obamacare losses at $1.3 trillion ($27 billion X 47.2) EACH year.  Which is greater than the original cost projection over 10 years.

Romneycare is a financial disaster.  And Obamacare will be an even greater financial disaster.  Which may add a trillion dollars to the deficit each year.  Which will push the United States to a Greece-style bankruptcy.  Only worse.  Making Obamacare the program that bankrupts the United States.

President Obama wanted to change the United States.  And he will.  Into a bankrupt third-world banana republic.

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