Feb 4, 2016

Obamacare Is Crumbling

As President Obama enters his last year in office, his so-called biggest achievement has damaged more than just the American people’s ability to keep their own doctor. It has taken a toll on the American people’s personal finances and our economy as a whole. This is why despite five years of promotion by the White House 52 percent still oppose the law.

Recent reports indicate stalled enrollment growth, skyrocketing premiums, and major insurers having “serious concerns” about the law’s “sustainability.” To put it simply, Obamacare is crumbling before our eyes:

  • Obamacare Regulations Will Cost Businesses And Individuals More Than $45 Billion: “The Affordable Care Act (ACA) was signed into law nearly six years ago. Since that time, 106 regulations have been finalized to implement the ACA. These regulations will cost businesses and individuals more than $45 billion and will require approximately 165 million hours of paperwork in order to comply.” (American Action Forum, 1/27/16)
  • Enrollment To Fall Short Of Projections By 8 Million: “The CBO, bowing to reality, slashed their 2016 estimates of exchange enrollment from 21 million to 13 million. Furthermore, the CBO implied that it expects exchange enrollment to peak at 16 million: a far cry from the 24 million it predicted last March.” (Forbes, 1/26/16)
  • Average Obamacare Premium Rises To $408 Per Month: “The average ObamaCare premium rose to $408 per month for 2016 plans, about a 9 percent increase from this time last year, according to a new report from the Department of Health and Human Services.” (The Hill, 1/21/16)
  • Obamacare Will Cost US Economy Equivalent of 2 Million Jobs: “ObamaCare will force a reduction in American work hours — the equivalent of 2 million jobs over the next decade.…The total workforce will shrink by just under 1 percent as a result of changes in worker participation because of the new coverage expansions, mandates and changes in tax rates, according to a 22-page report released by the Congressional Budget Office.” (The Hill, 12/7/15)
  • UnitedHealth Expects To Lose Nearly $1 Billion On Obamacare: “UnitedHealth expects to lose nearly $1 billion on Obamacare policies, the nation’s largest insurer said Tuesday. UnitedHealth which is weighing an exit from the Obamacare exchanges, reported it lost about $475 million on Obamacare-compliant plans in 2015 and expects to lose more than $500 million this year.” (CNN, 1/19/16)
  • Aetna CEO Has ‘Serious Concerns’ About Obamacare Sustainability: “The head of the third-biggest U.S. health insurer said he has ‘serious concerns’ about whether or not Obamacare’s new markets are sustainable, echoing criticism from other top for-profit insurers. ‘We continue to have serious concerns about the sustainability of the public exchanges,’ Aetna Inc. Chief Executive Officer Mark Bertolini said on a call Monday while discussing the company’s fourth-quarter results. ‘We remain concerned about the overall stability of the risk pool.’” (Bloomberg, 2/1/16)

The abject failure of this law is why House Republicans remain committed to getting rid of Obamacare. We sent a bill repealing Obamacare to the President’s desk even when Democrats did everything possible to stop us. And when a Republican president takes office next year, Obamacare will finally be dismantled once and for all. When Obamacare is gone, we can create a system that gives the American people what they deserve—freedom and choice in health care.

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