Filed under: Politics, Domestic Policy, Economy, Media Bias, Health Care, Democrat Corruption, Taxes, Regulation | Tags: The Affordable Care Act, Hidden Enrollment Numbers, Premiums and Taxes Going Up
The ObamaCare Exchanges are “disappointing” with fewer than 4 million newly insured. The Obama administration had hoped for 26 million. In April, President Obama told the nation that “marketplace” or “exchange” enrollments at 8 million customers as of March 31, had exceeded expectations and were lower than expected. The media blithely accepted the “selectively released statistics”, in spite of the administration’s habit of providing incomplete information.
The White House has not released any enrollment figures in the last 2½ months, nor do they plan to issue any updates soon. Hmmn. Government numbers included 20 percent of enrollees who did not pay their premiums. Estimates of how many were previously uninsured range from about one-third to more than half. Some who were forced out of their existing coverage find themselves having to re-enroll at much higher rates than before.
Some insurers have increased their rates by 35 percent to bring their rates into compliance with ObamaCare. So you have people with (perhaps) more benefits but for 35% more premium.
Coverage expansion in the ACA are estimated to increase federal spending by $1.383 trillion over the next two decades. Economist Greg Mankiw has estimated that the ACA or ObamaCare will reduce long run GDP in the U.S. by 5%. He insists that it is a rough estimate. University of Chicago economist Casey Mulligan says the Affordable Care Act added “about six percentage points to the marginal tax rate faced, on average, by workers in the economy. A useful rule of thumb is that taxation of $1 means that 20¢ of economic activity just never takes place.
Rates will increase significantly for next year. ObamaCare, as expected, is going to cost way more than it was planned to cost.