Are you kidding me... Over $500 Million That’s already a hell of a lot of money, but that does not account for all costs accrued for this project. As the GAO states, the $392 million figure does “not include CMS salaries and other administrative costs” associated with the Obamacare exchanges. In other words, the actual cost for the development and implementation of the total Obamacare exchange system is far higher. We’ve reached out to CMS for an exact figure, but thanks to the government shutdown, we have yet to hear from them on this matter. However, we do know, according to CMS’s 2014 budget request (pdf), that agency spent more than $150 million in 2012 and 2013 in relation to the Affordable Care Act – a lowball figure considering that, in its 2013 budget request (pdf), the agency asked for more than $1 billion in additional funds “needed to support operation infrastructure” and open-enrollment preparations of the FFEs. For the sake of putting the monstrous amount of money into perspective, here are a few figures to chew on: Facebook, which received its first investment in June 2004, operated for a full six years before surpassing the $500 million mark in June 2010. Twitter, created in 2006, managed to get by with only $360.17 million in total funding until a $400 million boost in 2011. Instagram ginned up just $57.5 million in funding before Facebook bought it for (a staggering) $1 billion last year. And LinkedIn and Spotify, meanwhile, have only raised, respectively, $200 million and $288 million.
Posted on: Mon, 28 Oct 2013 00:19:55 +0000
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