Sally Pipes points out the sad truth about where the burden of Obamacare falls in an Investor’s Business Daily article. My husband and I know all too well that we, middle class consumers, are the ones paying the cost of the rotten law. When President Obama signed the law we had a fairly low cost policy with decent benefits and no deductible. Now we have an expensive policy with high a deductible, which means less coverage for our family.
The CBO has lowered its projections for the cost of the president’s health care law by $142 billion over the coming decade — from $1.35 trillion to $1.2 trillion.
ObamaCare may cost the feds less than anticipated, but it’s extracting far more from consumers’ wallets than they bargained for. Consequently, ObamaCare has put insurance out of reach for many Americans — and utterly failed to fulfill its promise of making health care more affordable.
The 12-figure decline in ObamaCare’s cost is not as impressive as it seems. It’s just 11% less than the CBO originally estimated. The total price tag is still some $250 billion higher than the president promised when he signed ObamaCare into law in March 2010.
The CBO’s projection came down primarily because the agency decided that the law would be less effective at expanding access to insurance coverage than previously thought. An earlier estimate held that ObamaCare would increase the number of insured Americans by 27 million in 2023. The new estimate is 25 million.
In other words, the law hasn’t become cheaper. The CBO has just decided that it will cover fewer people. That’s not evidence that ObamaCare is saving taxpayers money.
Meanwhile, overall health-care spending has increased drastically under ObamaCare.
Read the whole thing. Americans with employer-sponsored plans may not all be feeling the pinch yet, but as costs continue to rise it won’t be long until they do.
Oh, and then go read about how Team Obama plans to reform our retirement plans in the mold of Obamacare. I wish I was kidding.