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Wednesday, January 1, 2014

Why ObamaCare Will Cripple the Economy

The Week reports on the hidden costs of ObamaCare:

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, 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."

"I mean, we have worked so hard to get out of credit card debt, get ahead on the car loan, transfer our mortgage to a 15- from a 30-year mortgage… and for what?”
 The article notes that for those that do not qualify for subsidies, premium costs (not including increased deductibles) will increase 80 to 90 percent in some areas. Elsewhere, the article notes that some areas of the country will see people having to pay between 10 and 20 percent of their income for insurance. The result is less money to spend on other things, and consumer spending will decrease.

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