We are constantly told how intelligent Obama is and how dumb Trump is. This article noted that Obama said in 2010 that employers would see a 3,000% decrease in their health premiums because of Obamacare.
Is there anything as stupid as someone saying a price could drop 3,000%? (For all the reporters out there who always repeat what they are told, prices can go down only 100%.)
Of course, it was almost as stupid for Obama and the Democrats to write an over 2,000-page law, with over 20 new taxes and massive new mandates and regulations, and repeatedly pretend that the cost would go down and you could keep your plan if you liked it. Of course, the ignorance is compounded when the media just go along.
The media and Democrats complain that Republicans didn't wait for the CBO to score the bill. When President Obama signed the ACA on March 23, 2010, he said it would cost $940 billion over its first ten years (FY2010- FY2019). The CBO made that estimate in its analysis completed March 18, 2010. A few days later, the CBO lowered its cost projection to $938 billion based on a more detailed analysis. (CBO was so good that it could adjust by $2 billion over 10 years.)
Why does anyone believe much of what CBO would say, considering how far it was off on Obamacare? It was off by orders of magnitude in four years.
When did Democrats ask for additional money to cover these cost overruns?
A lot of people complain that insurance companies would be able to charge five times the amount young people pay versus the three times that Obamacare allows and that this is a disaster. Since the new law allows young people more freedom of choice for what they buy, their cost should go down, so maybe the five times won't be much of an increase at all. Let's say that the cheapest policy young people can buy today because of all the mandates is $300 per month, and with the new freedom of choice, it is $180. The price for older people will not go up.
The high-risk pools subsidized by taxpayers is certainly the way to go. It allows the truly uninsurable to get coverage and allows the insurance companies to control their costs better, which should lead to more competition and better prices for almost all of us.
President Obama and the Democrats took away freedom of choice from the people. President Trump and the Republicans are trying to give it back. I hope the Republicans in the Senate don't let the opportunity slide.