John J. Duncan: “Not only did they underestimate the cost for the first 5 years, but Government actuaries at the time, in 1965, estimated…”

“Not only did they underestimate the cost for the first 5 years, but Government actuaries at the time, in 1965, estimated that 25 years down the road Medicare would cost $12 billion, and instead it cost over nine times that much. And I think that is why so many people are skeptical of some of these initial cost estimates. President Clinton estimated or his administration estimated that his plan would cost $700 billion over the first 5 years. But within a few days Newsweek had a cover which said ``Clinton's Trillion Dollar Cure,'' and many people think even those estimates are low. I have heard it said if you think health care is expensive now, wait until it is free, and I think there surely is some truth in that.”