Obamacare’s Increasing Economic Troubles
(Washington, D.C.) – Analysts are increasingly questioning the economic sustainability of the president’s healthcare law, as costs continue to rise and enrollment lags far behind projections. According to the Hoover Institution, the failure of the system created under the law has become more likely as Obamacare insurance cooperatives shut down and premiums increase. Further, the current enrollment projections advanced by the White House are far below previous expectations, and at that level of participation, the system may not be sustainable in the long term. Meanwhile, a separate report shows that insurance premiums are currently 25 percent higher than they would have been without the law – and will rise by an estimated 20 percent this year.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“The president’s health care law is not working as its supporters promised. Despite repeated calls to fix the system, the White House has not yet indicated a genuine willingness to work with Congress to do so. Supporters of the law must acknowledge that there are deeply rooted problems with the Affordable Care Act that need to be addressed. The new taxes and regulations raise costs, prevent innovation, and make it more difficult for health care providers to respond to the concerns of enrollees. If the administration continues to ignore the problems with the law, we will continue to see Americans losing health coverage they value and depend on.
Lawmakers would be wise to seek changes to health care that incorporate local level solutions to strengthen consumer choice and promote price competition, while encouraging innovation within the private market to improve care, service, and prices.”