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The ObamaCare fallacy – Will the price tag wreck the US economy? by TaitzReport contributor Miranda Owen

Posted on | November 14, 2013 | 6 Comments

Miranda Owen's profile photo The ObamaCare fallacy – Will the price tag wreck the US economy?

by TaitzReport Contributor Miranda Owen

Soon after Congress completed the initial phase of a tough and crucial campaign against ObamaCare, they realized that the battle is yet half-baked. As long as ObamaCare remains law, it will be considered as the financial nightmare of the nation as it is already stumped and mired with $17 trillion of debt. Reports by the Obama administration suggest that within its first official release date of the coverage on exchanges under the Affordable Care Act, only 106,185 Americans selected health care plans from the marketplace. Kathleen Sebelius, US Secretary of Health and Human services said that another 975,407 have already made it through the process by determining their eligibility but they haven’t yet selected the plan. Meanwhile, another 396,261 have been considered eligible for the expanded Medicaid health insurance program or the CHIP. Hence, the assurance of quality and adequate coverage within an affordable price is gradually becoming a reality for the first stream of applicants. On the contrary, why is ObamaCare being considered as the next big reason for an economic disaster?

Health expenses shoot up by $7450 for a typical four member family

Obama’s one of the most concrete and vivid promises have been prospective hope and change within the economy. He pledged that in an Obama administration, they’ll lower the premiums by up to $2500 for a typical family per year and he resolved to do it by the end of his first term as the honorable President of the United States. But unfortunately, the experts who work for Medicare’s auditor have reported yet again that within the initial decade, ObamaCare will boost health spending by around $621 billion (roughly).


Don’t you think that $621 billion is pretty huge a number for the Americans? Most of them will try to determine what this number actually means for a typical American family. Obama had promised that a typical American family would see around $2500 in annual savings but is it really so? Here’s a statistic that will tell you how badly the promise fell short of the mark. Between 2014 and 2022, there will be a staggering increase in national health expenses and this might amount to $7540 per family of four!

ObamaCare as an economic catastrophe – More than just an understatement

The launch of the website healthcare.gov has till date been the worst launch in history, when millions of Americans are getting their present health insurance policies canceled and millions others are seeing the size of their health insurance premiums explode. It seems as if ObamaCare has been specifically tailored to wreck the US economy. If the US health care system were to be a different nation, it has the potential to be the sixth largest economy in the entire world and ObamaCare is all set to paralyze it. So what can we expect from ObamaCare?

  1. Millions will lose their health insurance plans: Yes, thanks to ObamaCare it is being estimated that millions of Americans are about to lose their health insurance plans. Majority of them will be subject to a choice of either choosing an exorbitant health insurance plan or go uninsured. The middle-class families, which are already going through a disintegrated state will face even more stress. About 50-75% of the 15 million consumers who purchase their health insurance policies individually may expect receiving a cancellation letter within 2014, since their existing policies don’t meet the standards of the health care law.
  2. Mind-boggling increase in health insurance premiums: According to Mike Adams of Natural News, a family in Texas got hit with a 540% rate increase in health insurance premiums. Obamacare was named Affordable Care Act as the President had promised them rates which are as affordable as their phone bill. But with such 540% increase in rates, Obama has yet again been proved wrong.
  3. Widespread job losses throughout the nation: ObamaCare is a jobkiller! Although the employer mandate was procrastinated for a little while, yet this will ultimately result in widespread job losses throughout the nation. In fact, this has already started to happen. Pre-recession, Richard Clark’s company based in Florida donned around 200 employees but these days, it has decreased to about 150, among which 80% are working part time. He blatantly blamed Barack Obama’s health care reform for this.

So, what do you think of the ObamaCare? Did it directly affect your life? Not many companies have been negatively impacted by the ObamaCare and those that have been affected, are adjusting in their own ways. Experts predict that even if healthcare.gov gets fixed, ObamaCare is going to be repealed way before the next year’s election.


Miranda Owen is a financial writer and a blogger. She has profound knowledge on the different financial issues that are plaguing the current economy and she also offers solutions to the readers through her articles. Some topics covered by her are the US debt and the impact on the economic growth, ObamaCare and its impact on the nation’s economy, ways in which debtors should rein in their finances, the pros and cons of consolidating debt and many more. She contributes her valuable posts to different financial communities  blogs and websites like OVLG, tavernkeepers.com and many more to helped people to get out of debt and solve their financial worries. However, you can also expect to get the debt related help in the form of the knowledge she shares through her articles in OVLG too. So, for more details you can check out the tips from OVLG https://www.facebook.com/OVLGroup.

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Comments

6 Responses to “The ObamaCare fallacy – Will the price tag wreck the US economy? by TaitzReport contributor Miranda Owen”

  1. Kevin J Lankford
    November 15th, 2013 @ 5:14 am

    Even with the repeal of this Un-Constitutional obamascamcare fallacy, what other maliciously conspired programs will follow in its wake; now that Constitutional issues are no longer a consideration, as they have successfully purchased its demise.

  2. colette
    November 15th, 2013 @ 5:31 am

    Wonkbook: Seven reasons Obamacare isn’t facing a “death spiral”

    https://www.washingtonpost.com/blogs/wonkblog/wp/2013/11/07/wonkbook-seven-reasons-obamacare-isnt-facing-a-death-spiral/

  3. colette
    November 15th, 2013 @ 5:33 am

    Two little known (potential) insurance company bailouts already built into Obamacare

    The crony capitalist who wrote Obamacare legislation weren’t stupid, just evil. They built in a number of fail safes if things wen’t poorly, including these two “bailout” provisions (courtesy of the taxpayers, of course) which kick in if costs exceed revenue.

    3. Risk corridors. Among the least well-known fail-safes in Obamacare are the subsidies to insurers who underprice their insurance. The way this works is that if insurers’ actual costs are more than 3 percent above their “target” costs, the government gives them 50 percent of the difference. If they’re more than 8 percent above their target costs, the government pays 80 percent of the difference. (The program goes in reverse, too: If an insurer overprices their insurance, they have to pay part of the excess to the government.)

    The program exists only for the first three years of the law. But it basically gives insurers a huge incentive to price their insurance low. They don’t want to go too low because the program ends in 2016 and they’ll lose their customers if they need to raise rates by 500 percent. But for an insurer who’s just trying to wait out a bad 2014, the risk corridors are a real buffer. As Adrianna McIntyre wrote, they help plans “weather 2014′s uncertainty and probably keep the following year’s premiums relatively unchanged as the risk pool normalizes.”

    4. Reinsurance. This is the little brother of the risk corridors. For the first three years of Obamacare, the government basically subsidizes particularly expensive enrollees. So if someone buys insurance and their claims break $50,000 in 2014, the federal government picks up part of the cost. The result is that, for the first few years, really sick people cost insurers less than they normally would, and so can be expected to have less of an effect on premiums than would typically be expected.

    More at WAPO…
    https://www.washingtonpost.com/blogs/wonkblog/wp/2013/11/07/w…

  4. K.T.
    November 15th, 2013 @ 7:31 am

    Orly needs to verify this headline that is posted on “Nesara Republic Restored” website:

    BIG ANNOUNCEMENT
    NESARA LAW WAS ENACTED at 1:30 am Reno Time on 11/15/13 by Judge Roberts of the Supreme Court. Multiple announcements to follow.

    THE REPUBLIC HAS BEEN RESTORED AS OF 12 MIDNIGHT ON NOVEMBER 3, 2013.

    Thank You White Knights, The Good Military and

    Thank You GOD.

    REPUBLIC INTEL
    REPUBLIC WEBSITE FOR INQUIRIES
    https://www.dejurenation.org/

    https://nesaranews.blogspot.com/2013/10/6th-notice-oct-7th-2013.html

    https://nesaranews.blogspot.com/2013/10/open-letter-from-we-people.html

    https://nesaranews.blogspot.com/2013/10/7th-notice-oct-14th-2013.html
    https://nesaranews.blogspot.com/2013/10/9th-notice-oct-28th-2013.html https://nesaranews.blogspot.com/2013/11/10th-notice-nov-4th-2013.html

  5. Miranda Owen
    December 4th, 2013 @ 2:42 am

    That’s true Kevin! We can never be sure of just what might follow. Wish things were planned a tad better.

  6. Miranda Owen
    December 4th, 2013 @ 2:43 am

    Colette, the “risk corridor” bit is a strong point actually. Thanks for bringing it up! Risk corridors have been limited to a certain time span and therein lies a problem. What would you say to a longer risk corridor?

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