As many of our readers have seen in news reports, ObamaCare premiums (the part that you pay) are going up in a big way. Who can afford such expensive monthly payments and on top of that an out of pocket deductible of $6,000? As predicted so long ago, only the very sick would buy such a policy.
Since the economy tanked and has largely flat-lined, many more people are on medicare, but ObamaCare promised to make private insurance more affordable so that it would be easy for regular people to sign up:
…but that’s not what ended up happening. Today, millions are losing their insurance again as insurance companies bail on ObamaCare with massive losses, and even Bill Clinton threw up his hands and said that ObamaCare is the “craziest thing in the world“.
It just didn’t work.
According to the Centers for Disease Control and Prevention (see table 1.2b), 66.8 percent of those living in the United States had private health insurance in 2007. Now, as of 2015 (the most recent year for which figures are available), only 65.6 percent of those living in the United States have private health insurance.
It turns out that median incomes aren’t the only thing that have dropped since 2007.
There are currently about 320 million people living in America. If the percentage who have private health insurance were as high now as it was in 2007, 3.8 million more people would now have private health insurance.
Meanwhile, the CDC figures show that the percentage of people living in the United States who have public health coverage has risen dramatically, from 18.1 percent in 2007 to 25.3 percent in 2015 (see table 1.2a). If that percentage had stayed the same as in 2007, 23 million fewer people would now have public health coverage. In other words, Obamacare is a massive Medicaid expansion.