It is estimated that 48 million Americans currently have no health insurance. Furthermore, tens of thousands of Americans are bankrupted every year because of exorbitant medical bills. The need for universal health care and cost controls is obvious. So I was hopeful and even a little excited when the Obama administration set about to create a system of universal healthcare. But in the end, Obama sold out to the insurance industry. Obamacare is little more than a gift and cash cow for private insurance companies.
For those that don’t have health insurance but make a living wage, don’t expect to find bargain insurance premiums through the government’s insurance exchanges. Obamacare does virtually nothing to reign in the rising cost of health care, and its insurance exchanges are nothing more than a shark pit of private, for-profit insurance companies. When the new health care law goes into effect, there’s no doubt that many will experience insurance premium sticker shock. I suspect that many will chose to pay the government’s tax penalty and continue to remain uninsured instead of trying to afford the monthly premiums.
Since health care costs will continue to rise, Obamacare will be fiscally unsustainable. The government will have to pay out more and more in insurance subsidies because of rising premiums tied to rising costs of health care. Medicaid, Medicare, and the Children’s Health Insurance Plan already account for around 21% of Federal spending. After Obamacare rolls out, Federal spending on health care will become completely out of control.
Do it right or don’t do it all. This is the mantra Obama should have adopted. If he couldn’t get a single payer bill through Congress, he should have let the bill die. Instead the president made compromises that shouldn’t have been made, and he signed a terrible bill into law. The worst part of the law is the individual mandate. For many, Obamacare will amount to little more than a new tax from Uncle Sam. Good going, Barack.