Obamacare is Making Insurance Prices Go Up 100-400%

Barack Obama’s legacy will be one of failure after failure. The only actual legislative achievement he was able to pass was Obamacare. Now we know it’s going to increase the deficit by trillions. This was “fine”, we were told, because it was going to lower insurance prices.

Then the White House admitted it would make insurance prices go up for the young — but “everyone else” will see it drop. Now we finally see the truth:Obamacare is making insurance prices go up 100-400%, on average for everyone.

In the end, this is part of the reason why support for Obamacare has collapsed over the last several years. Only 1 out of 3 people support Obama’s plan. His entire agenda is collapsing, and the only thing he’ll be remembered for is a failed health care government takeover and for all of the scandals he’ll leave in his wake. Pathetic.

The Washington Examiner reports:

Internal cost estimates from 17 of the nation’s largest insurance companies indicate that health insurance premiums will grow an average of 100 percent under Obamacare, and that some will soar more than 400 percent, crushing the administration’s goal of affordability.

New regulations, policies, taxes, fees and mandates are the reason for the unexpected “rate shock,” according to the House Energy and Commerce Committee, which released a report Monday based on internal documents provided by the insurance companies. The 17 companies include Aetna, Blue Cross Blue Shield and Kaiser Foundation.

We’ve written about this in the past. Society can’t have a free lunch — everything has a cost. If you pass laws increasing rules, regulations, and what companies must pay for, then the price will go up for customers. It’s just how the universe works. It’s a question of the principles of economics.

Here’s a blistering quote directly from the report:

“Despite promises that the law will lower costs, [Obamacare] will in fact cause the premiums of many Americans to spike substantially. The broken promises are numerous, and the empirical data reveal that many Americans, from recent college graduates to older adults, will not be able to afford the law’s higher costs.”

Because of this, support for Obamacare is collapsing. Barely 1 out of 3 people support Obamacare. The White House even admitted that it won’t work. Plus, a labor union is even campaigning to repeal the law.

Obama rejected this — he declared war against economics with a slogan of “yes we can”… and that’s a war politicians will always lose. This has been a hideous week for Obama so far, so let’s keep the fire going and spread this around. Let people know that if we want a recovery, we need to start with deleting Obamacare and moving towards a free market for health.

http://www.capitalisminstitute.org/obamacare-fails/