If you buy your health insurance on the private market, as millions do, your premiums are destined to skyrocket under ObamaCare. So much for the president’s promise of lower costs.

Many Obamacare advocates attempt to refute these premium increases by pointing to Obamacare’s generous subsidy scheme. But as the Hoover Institution’s Daniel Kessler points out, “This argument is misleading. It fails to consider that the money for the subsidies has to come from somewhere. Although debt-financed transfer payments may make insurance look cheaper, they do not change its true social cost.”

To that end, Obamacare’s exchange subsidies are estimated by the Congressional Budget Office to cost over $1.2 trillion over 10 years. And nobody should be surprised that this is an increase over the initial (2010) projected costs for these subsidies.

The ObamaCare train wreck is rapidly approaching.