Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
Coronavirus Infection Spread and Deaths Forecast 2020 - Video - 28th Jan 20
Is an Accommodative Fed Bullish for the Stock Market? - 28th Jan 20
Trillion-Dollar Stock Market Cap Club - 28th Jan 20
Corona Virus Wuhan Global Pandemic 2020 Deaths Forecast and Market Consequences - 28th Jan 20
Palladium Surges above $2,400. Is It Sustainable? - 27th Jan 20
THIS ONE THING Will Tell Us When the Bubble Economy Is Bursting… - 27th Jan 20
Stock Market, Gold Black Swan Event Begins - 27th Jan 20
This Will Signal A Massive Gold Stocks Rally - 27th Jan 20
US Presidential Cycle Stock Market Trend Forecast 2020 - 27th Jan 20
Stock Market Correction Review - 26th Jan 20
The Wuhan Wipeout – Could It Happen? - 26th Jan 20
JOHNSON & JOHNSON (JNJ) Big Pharama AI Mega-trend Investing 2020 - 25th Jan 20
Experts See Opportunity in Ratios of Gold to Silver and Platinum - 25th Jan 20
Gold/Silver Ratio, SPX, Yield Curve and a Story to Tell - 25th Jan 20
Germany Starts War on Gold  - 25th Jan 20
Gold Mining Stocks Valuations - 25th Jan 20
Three Upside and One Downside Risk for Gold - 25th Jan 20
A Lesson About Gold – How Bullish Can It Be? - 24th Jan 20
Stock Market January 2018 Repeats in 2020 – Yikes! - 24th Jan 20
Gold Report from the Two Besieged Cities - 24th Jan 20
Stock Market Elliott Waves Trend Forecast 2020 - Video - 24th Jan 20
AMD Multi-cores vs INTEL Turbo Cores - Best Gaming CPUs 2020 - 3900x, 3950x, 9900K, or 9900KS - 24th Jan 20
Choosing the Best Garage Floor Containment Mats - 23rd Jan 20
Understanding the Benefits of Cannabis Tea - 23rd Jan 20
The Next Catalyst for Gold - 23rd Jan 20
5 Cyber-security considerations for 2020 - 23rd Jan 20
Car insurance: what the latest modifications could mean for your premiums - 23rd Jan 20
Junior Gold Mining Stocks Setting Up For Another Rally - 22nd Jan 20
Debt the Only 'Bubble' That Counts, Buy Gold and Silver! - 22nd Jan 20
AMAZON (AMZN) - Primary AI Tech Stock Investing 2020 and Beyond - Video - 21st Jan 20
What Do Fresh U.S. Economic Reports Imply for Gold? - 21st Jan 20
Corporate Earnings Setup Rally To Stock Market Peak - 21st Jan 20
Gold Price Trend Forecast 2020 - Part1 - 21st Jan 20
How to Write a Good Finance College Essay  - 21st Jan 20
Risks to Global Economy is Balanced: Stock Market upside limited short term - 20th Jan 20
How Digital Technology is Changing the Sports Betting Industry - 20th Jan 20
Is CEOs Reputation Management Essential? All You Must Know - 20th Jan 20
APPLE (AAPL) AI Tech Stocks Investing 2020 - 20th Jan 20
FOMO or FOPA or Au? - 20th Jan 20
Stock Market SP500 Kitchin Cycle Review - 20th Jan 20
Why Intel i7-4790k Devils Canyon CPU is STILL GOOD in 2020! - 20th Jan 20

Market Oracle FREE Newsletter

Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

The 7 Biggest Obamacare Lies

Politics / US Politics Feb 11, 2013 - 01:05 PM GMT

By: Money_Morning

Politics

David Zeiler writes: As more of the 2009 healthcare reform law becomes reality, Americans are learning the hard way that many of the biggest Obamacare promises were Obamacare lies.

In retailing, they call this sort of thing "bait-and-switch," and it's against the law.

In Washington, it's called "business as usual."


During his first campaign for the highest elected office in the land, and later as he sought to push the Affordable Care Act (ACA) through Congress, U.S. President Barack Obama made a lot of enticing promises.

Some of these claims were true - under Obamacare, people can't be refused coverage for pre-existing conditions, for example - but many were assurances to the average American that no matter what, healthcare reform was almost all positive with few or no negatives.

Now we know that most of those assurances were Obamacare lies.

The Biggest Obamacare Lies

Obamacare Lie #1: "If you like your healthcare plan, you'll be able to keep your healthcare plan. Period. No one will take it away. No matter what."
President Obama said this often. But for many Americans, that promise will be broken. This week, the Congressional Budget Office issued a report in which it estimated that by 2022, Obamacare will cause 7 million Americans to lose their employer-based health insurance. That's because many of the Obamacare benefits will make many plans more expensive, prompting employers to drop coverage. Ironically, this broken promise could affect millions of workers in unions, which campaigned hard to get President Obama elected.

Obamacare Lie #2: "Under my plan, no family making less than $250,000 a year will see any form of tax increase."
Here at Money Morning, we told you about numerous Obamacare taxes, hidden and not-so-hidden, that will hit the middle class. In addition to the notorious "mandate tax," middle-class Americans will get hit by taxes levied on businesses that will get passed through to consumers, particularly the 2.4% tax that covers any medical device that cost $100 or more. Other Obamacare taxes affecting the middle class include a 10% tax on tanning services and a doubled penalty on withdrawals made from Health Savings Accounts (HSAs) for non-medical purposes.

Obamacare Lie #3: "I will not sign a plan that adds one dime to our deficits - either now or in the future."
This week, the CBO again raised its estimate on what Obamacare will cost over the next decade, from $814 billion to $1.047 trillion. While President Obama has claimed the ACA will actually reduce deficits due to all the money raised from taxes, penalties and fees, critics say much of the "savings" result from accounting tricks and double-counting. And with Obamacare's estimated costs rising rapidly, it's more a question of when, not if, the law will begin contributing to the federal budget deficit.

Obamacare Lie #4: Obamacare will "cut the cost of a typical family's premium by up to $2,500 a year."
Sorry, the "Affordable Care Act" will in fact make healthcare insurance far less affordable. On Jan. 30 the IRS released new regulations regarding Obamacare - remember that the IRS is in charge of penalizing you should you fail to purchase the mandated insurance - that included cost estimates for the plans the government will offer. For a family of four, the cheapest plan - dubbed Bronze in Obamacare-speak - will cost $20,000 a year in 2016. That's an increase of more than $4,000 from the average of $15,745 such families paid in 2012.

Obamacare Lie #5: The new healthcare law will improve, not hurt, the quality of American healthcare.
We don't have proof of this yet, but given that more people (Obamacare provides coverage to millions of people who do not now have it) will be using the same amount of healthcare resources, it stands to reason that quality will decline. Here's what Dr. Adam Frederic Dorin said in a recent article in The Washington Times: "Most doctors will not be able to afford to see patients with an Obamacare card. This means that patients will be increasingly relegated to longer lines in publicly funded clinics.... More patients will be denied access to advanced, cutting-edge drugs like chemotherapeutics."

Obamacare Lie #6: It's not a government takeover: "I don't believe that government can or should run healthcare."
Although Obamacare doesn't seize total control of the U.S. healthcare system, it extends the tendrils of government deep into it and gives the Department of Health and Human Services broad powers. One particularly troubling example is the Independent Payment Advisory Board, which will have the power to lower payment rates for Medicare treatments, which could reduce the care available to seniors.

Obamacare Lie #7: The state health insurance exchanges will open on time.
One of the keys to fully implementing Obamacare is launching the so-called health insurance exchanges in each state, where people will be able to shop for health plans using tax credits. The CBO this week contradicted assurances from the Obama administration that the exchanges will be ready later this year. The CBO report said the exchanges are unlikely to open in October, as promised, because they won't have enough plan options, and people will be reluctant to use something untested and unfamiliar.

Source :http://moneymorning.com/2013/02/08/the-7-biggest-obamacare-lies/

Money Morning/The Money Map Report

©2013 Monument Street Publishing. All Rights Reserved. Protected by copyright laws of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including on the world wide web), of content from this website, in whole or in part, is strictly prohibited without the express written permission of Monument Street Publishing. 105 West Monument Street, Baltimore MD 21201, Email: customerservice@moneymorning.com

Disclaimer: Nothing published by Money Morning should be considered personalized investment advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized investent advice. We expressly forbid our writers from having a financial interest in any security recommended to our readers. All of our employees and agents must wait 24 hours after on-line publication, or after the mailing of printed-only publication prior to following an initial recommendation. Any investments recommended by Money Morning should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company.

Money Morning Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules