The hidden costs of ObamaCare – The Week.
- 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, according to The Chicago Tribune. The result: These folks will be paying higher premiums.
- In Alabama, premiums have doubled for some middle-class families, like that of Courtney Long, a stay-at-home mother of four. She told WHNT News, “It’s devastating. I started crying.”
- 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 list goes on and on and includes Texas, Florida, New York, Illinois, Georgia, and North Carolina. But premiums are just the beginning. The deductibles are outrageous, too.
Somethings got to give since, unlike the Feds, the typical middle class family can’t print money.
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. What will that mean for the economy? Consumer spending accounts for about 70 percent of the nation’s GDP, although experts say that number is likely to decline.
The top 20 percent of income earners account for about 40 percent of all spending in the U.S. When you increase the costs of health care and the new taxes associated with ObamaCare, you can hear the wallets closing.
