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Obamacare: For Better Or For Worse?

1495 words - 6 pages

When the bill for the Affordable Care Act passed in 2010, Americans sat on the edge of their seats, some awaiting the anticipated care, others awaiting the unforeseen consequences. Now, four years later, the Affordable Care Act, also known as Obamacare, has been implemented and it’s time to see just how affordable this care act is. Even with only two months of implementation, the looming question remains: what are economists predicting about the future impact of Obamacare on the U.S.? Unfortunately, the answers are contrary to what America needs to hear. In his inaugural addresses, Obama campaigned for “change” and we’ve seen a lot of change with the ACA so far. But when this change turns ...view middle of the document...

S. in deeper debt, but by signing the contract for the ACA, there will be more deficit than Obama anticipated and more debt than America needs to be in.
In February 2014, Congressional Budget Office (CBO) estimated that the labor market will be thrown off due to the implementation of the ACA. Because of various provisions in the ACA, people may find working an “unnecessary” burden and will quit their jobs while still retaining the provisions outlined in the ACA. “CBO estimates that the ACA will reduce the total number of hours worked, on net, by about 1.5 percent to 2.0 percent during the period from 2017 to 2024, almost entirely because workers will choose to supply less labor—given the new taxes and other incentives they will face and the financial benefits some will receive.” Even worker’s wages are not projected to be as high as they would’ve been without the ACA. The CBO projects that due to the expansion of eligibility for Medicaid, the penalties on employers that decline to offer insurance, and the new taxes imposed on labor income, labor supplied by some workers will be decreased.
The next point I would like to address is the financial strain it puts on citizens. Presumably, the definition of “affordable care act” indicates a program that offers some financial relief to the general public. The ACA, however, has insane premiums and creates myriad new taxes, most all of which hit the middle class hardest. “According to a cost report from eHealthInsurance, a nationwide online private insurance exchange, families are paying an average of $663 a month and singles $274 a month, far more than before Obamacare kicked in.” reported Paul Bedard of the Washington Examiner. EHealthInsurance also said that premiums have increased by 39 to 56 percent and who’s to say they won’t be raised more.
Matthew Merrill, an economic specialist from Forbes, included some startling statistics solely about the tax a recent report. He stated that the ACA will create a 3.8 percent surtax tax on investment income and a 0.9 percent surtax on Medicare taxes for individuals making more than $200,000 and families making more than $250,000, 10 percent tax on tanning services, a 2.3 percent excise tax on medical equipment, and a 40 percent tax on comprehensive health coverage that costs more than the designated cap. These sky-high premiums and hefty taxes, direct byproduct of the ACA, are going to drain Americans’ bank accounts.
If you had all-inclusive access to a huge candy store, wouldn’t you want to take advantage of it in any way possible? I know I would. And that’s the exact attitude a lot of Americans have when it comes to mandated healthcare. They figure that if they have health insurance, they may as well utilize it to the fullest extent, which leads to unnecessary use of doctors, medical equipment, and hospital or facility costs. Though Obama hands out these services free of charge, they are not free and end up costing the government and citizens more than...

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