ObamCare has commenced….with a swift kick in the labonza to the middle class.
Excerpted from Jacqueline Leo’s article for the Fiscal Times:
ObamaCare has delivered another sucker punch to the middle class. This time it’s sticker shock.
Now that most people can get past the tech problems of HealthCare.gov and actually see the real cost of insurance plans available, they are finding that Affordable Care is a big hit to the family budget. And when the family budget gets hit in the solar plexus, guess what happens to consumer spending and the economy?
In California, policies for about 900,000 Californians are being canceled because of ObamaCare’s mandates, and about two-thirds of these do not qualify for subsidies…,
In Alabama, premiums have doubled for some middle-class families…,
In Tennessee, GOP Sen. Lamar Alexander issued an analysis of a White House report and found…Today, a 27-year-old man in Memphis can buy a plan for as low as $41 a month. On the exchange, the lowest state average is $119 a month a 190 percent increase…a 27-year-old woman in Nashville can also buy a plan for as low as $58 a month. On the exchange, the lowest-priced plan in Nashville is $114 a month a 97 percent increase. Even with a tax subsidy, that plan is $104 a month, almost twice what she could pay today.
In Washington state, ObamaCare will increase the underlying cost of individually purchased health insurance by 34 to 80 percent on average, according to Forbes.
The cost of premiums for people who just miss qualifying for subsidies rises rapidly for people in their 50s and 60s. In some places, prices can quickly approach 20 percent of a person’s income.
The other group that gets disproportionately hit is the young, according to Forbes. For a 40-year-old, the 2013 average deductible was $4,045, and the monthly cost increased 29 percent to $309. For a 64-year-old man, the monthly cost of a plan with a $3,494 deductible increased 64 percent to $806.
If even a fraction of the middle class and upper middle income earners divert some of their discretionary dollars to pay for health care, it will have a significant impact on consumer spending.
Is this a surprise? Only to those who ignored the countless warnings.
Is it potentially disastrous, for individuals, families and the overall economy? You bet it is.
Did the Obama & Co. sucker millions and millions of people by telling them the exact opposite would happen? Yes they did.
Can you trust a word that comes out of the mouths of anyone in this sorry excuse for an administration? Stop asking questions you already know the answers to.
When does the Obama Presidency end? Can we make it happen faster? Please?