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Health and Healthcare

Democrats Get Weapon Of Mass Destruction For Healthcare Vote

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
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After months of bickering, it looked like the Congressional vote on the Obama-esque healthcare reform package was too close to call. Democrats have been questioning members of their own party to vote with them for weeks.

The Congressional Budget Office gave the Democrats the broadsword that they’ve needed. A number of media outlets report that a CBO analysis of the reform package determined it will cost $940 billion over the next decade and reduce the deficit by $130 billion during that period. From 2020 to 2029, the program will supposedly reduce the deficit by $1.2 trillion. The legislation will cover 32 million Americans, about nine out of ten Americans who do not have insurance.

Forecasts that cover a period of ten years are very unreliable. Even predictions a year in advance can differ dramatically from reality, especially when they involve the economy. In 2006, housing prices were supposed to rise 20% a year without fail.

The CBO analysis may be off by an unimaginable amount, but it will not matter much today. The Democrats have fought for healthcare reform for a year. It appeared that they only need one event to tip the scales in their direction, and they have gotten it.

-Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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