HERE’S YOUR “UNIVERSAL COVERAGE …”
We’ve written a bunch on this website about the economic impact of Obamacare. Which in case you’re catching up from a four-year nap has been bad. Real bad.
Today we’re focusing on the latest projections related to the law’s insidious “individual mandate,” which was narrowly upheld in 2012 by a divided U.S. Supreme Court. According to the Congressional Budget Office (CBO), an estimated 3.9 million Americans are expected to pay the mandate in 2016 rather than purchase health insurance.
Why would they do that? Easy: The mandate is cheaper. And times are tight.
These payments will suck $4.2 billion out of the private sector and deposit it into government … where you better believe it will do absolutely nothing to empower our country’s flagging consumer economy.
Speaking of the consumer economy, who’s going to pay those billions of dollars worth of fines?
Glad you asked: According to the CBO, twenty-five percent of those to be fined (roughly a million Americans) currently earn less than twice the federal poverty level (which is $23,850 for a family of four). These people – who are clearly too poor to buy health insurance – will be fined $500 million. Meanwhile 200,000 people who actually live below the poverty level will be fined in the amount of $100 million.
And again it bears repeating … in addition to being subjected to these fines, none of these people will have health insurance.
But hey … Obama’s all about helping the poor, right?
Right. Just like he helped the middle class …