As the Democrats pushed through the $940 billion healthcare reform bill, and President Obama signed it into law, the National Inflation Association (NIA) has said the legislation will significantly contribute to an outbreak of hyperinflation in the United States by 2015.
Although the Congressional Budget Office is estimating that the healthcare bill will cost $940 billion over the next 10 years, NIA members pointed out that when Medicare was created in 1966 the House Ways and Means Committee estimated that in 1990 its cost would reach $12 billion per year.
However, the actual cost that year was $107 billion—meaning it was 792 percent more than what had been projected—and today Medicare costs $408 billion annually.
“If history is any indication, the actual cost [of the healthcare reform] will likely be several trillion dollars,” the organization asserted. “[We] believe the healthcare bill will be the final nail in the coffin of the U.S. economy and will just about guarantee that we will see hyperinflation by the year 2015.”
According to NIA, in addition to the healthcare bill and rising interest payments on national debt, another major catalyst for hyperinflation will be social security payments, which adjust to the CPI-index.