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Obamacare
The Cons of Obamacare
As the beginning of 2014 rapidly approaches and the Affordable Care Act, more commonly known as "Obamacare," begins to take effect it is becoming more and more obvious that the system, as defined, is economically infeasible. Through a series of new taxes, as well as the individual mandate, the Obama administration has assured every American that the new system will be fully funded and the price of their insurance will drop significantly. However, just as his promise of that every American could keep their own health plan or doctor if they wanted is proving to be a falsehood, his promise that the new law will add millions of new people to the insurance rolls while simultaneously lowering prices for the individual American is also proving to be false. The primary means by which the president has guaranteed financial stability, the individual mandate, will not provide enough financial input to cover the costs of the millions of new patients. The fault lies with a single loophole which allows anyone who doesn't obtain health insurance to simply pay a small tax which is a fraction of the price of an insurance plan. With such an escape clause most economists have come to the conclusion...
This is not a penalty, as the president and many of his supporters claim, it is a tax and therefore required under penalty of law. However, the tax mandated by the Affordable Care Act is a small amount when compared to the price of an insurance plan. According to the president's own Obamacare website the tax in 2014 is only $95, or 1% of an individual's income. This rises to $325, or 2% of an individual's income in the year 2015 and $695, or 2.5% of one's income in 2016. Afterward the tax "will increase by the rate of inflation going forward, or 2.5% of your Income." ("Obamacare Individual Mandate") In terms of families, the maximum penalty per family can not exceed 300% of the minimum tax no matter how many members the family may have. And children, under this section of the law, will actually be assessed at only 50% of the minimum tax. With such provisions in the law many assert that there is no possible way that the system can operate without deficits.
According to the Kaiser Family Foundation, although the president guaranteed that the average health insurance premiums would be $2,500 lower, "the average price of a family policy has risen by $2,200..." (Turner) With this type of financial misunderstanding, the president cannot be believed when he states that the individual mandate will provide enough funds for the system to operate. And as the system requires large numbers…
Works Cited
Murphy, Robert. "The Economics of Obamacare." Ludwig Von Missus Institute 13 Nov.
2013. Web. 9 Dec. 2013. http://mises.org/daily/6587/
Obamacare Individual Mandate. Obamacare Facts. Web 9 Dec. 2013.
http://obamacarefacts.com/obamacare-individual-mandate.php
Online 28 June 2012. Web 9 Dec. 2013. http://www.nationalreview.com/critical-condition/304361/top-ten-worst-things-obamacare-grace-marie-turner
http://www.washingtontimes.com/news/2013/oct/27/williams-why-are-we-against-affordable-care-act/?page=all
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