It’s All Good
You lose your health coverage but don’t worry. That plan you liked was “substandard” so it’s all good. ObamaCare will cost millions of jobs but don’t worry. It will give people more time to pursue other interests so it’s all good. Have you ever heard so many idiotic excuses for failures? This administration has perfected spin to such a degree that they don’t even realize how completely insane they sound. Carl Adds:
Five Fun Facts
1) Obamacare Will Destroy 2.5 Million Jobs By 2024. From the report: The reduction in CBO’s projections of hours worked represents a decline in the number of full-time-equivalent workers of about 2.0 million in 2017, rising to about 2.5 million in 2024. Although CBO projects that total employment (and compensation) will increase over the coming decade, that increase will be smaller than it would have been in the absence of the ACA.
Back in 2011, CBO guessed the law would only kill 800,000 jobs. Oops! But what’s a couple million jobs between friends, right? (90 million currently out of labor force)
2) In 2024, There Will Still Be 31 Million People In The U.S. Without Health Insurance. Before the Affordable Care Act was passed, its top proponents – including the president himself — made a big deal about how the law would solve the problem of the uninsured. And during a September 2009 speech on the topic before a joint session of Congress, President Obama lamented that “there are now more than 30 million American citizens who cannot get coverage.”
Surely that number will be lower more than a decade after the law’s passage right?
Still, according to estimates by CBO and JCT, about 31 million non-elderly residents of the United States are likely to be without health insurance in 2024, roughly one out of every nine such residents.
As a reminder the now – $2Trillion plus cost of Obamacare was originally ‘sold’ as coverage for 30 million without health care.
3) Surprise! Millions Of People Who Liked Their Health Plan Will Lose Their Health Plan. There’s a reason even PolitiFact was forced to acknowledge that the president’s “if you like your health care plan” promise was a total lie. From the CBO report:
CBO and JCT project that, as a result of the ACA, between 6 million and 7 million fewer people will have employment-based insurance coverage each year from 2016 through 2024 than would be the case in the absence of the ACA.
So many oopses.
4) Obamacare Reduces The Incentive To Find And Keep A Job. Yes, Virginia, incentives matter:
[R]educed incentives to work attributable to the Affordable Care Act (ACA)—with most of the impact arising from new subsidies for health insurance purchased through exchanges—will have a larger negative effect on participation toward the end of that period. […] By providing subsidies that decline with rising income (and increase with falling income) and by making some people financially better off, the ACA will create an incentive for some people to work less. […] [M]ore than 2.5 million people are likely to reduce the amount of labor they choose to supply to some degree because of the ACA, even though many of them will not leave the labor force entirely.
Like one of those Rube Goldberg contraptions, the more Obama fails, the higher the suck factor to your savings and investments.
5) Your Paycheck Will Be Smaller Thanks To Obamacare. If it walks like a tax increase, and talks like a tax increase, it’s probably a tax increase, even if the people who voted for the tax increase promised it wasn’t a tax increase:
In addition, beginning in 2018, the ACA imposes an excise tax on certain high-cost health insurance plans. CBO expects that the burden of that tax will, over time, be borne primarily by workers in the form of smaller after-tax compensation. Some firms may seek to avoid or limit the amount of the excise tax they pay by switching to less expensive health plans, and in that case workers’ wages should rise by a corresponding amount. Those wages will be subject to income and payroll taxes, however, so total tax payments by those workers will be higher than they would have been in the absence of the ACA. After-tax compensation will thus fall whether firms pay the excise tax or take steps to avoid it, and the resulting increases in average and marginal tax rates will cause a slight decline in the supply of labor, CBO estimates.
But other than that (and the doc shock, and the premium shock, and the broken website), the law is doing totally awesome, you guys!!!!
Item 5 is a road map to the hows and why kids of today may see the health care system, R&D, and quality care, as a thing of the past.
God Bless America – Pass This On!!