Aaron Fobes, Julia Lawless (202)224-4515
Obamacare and a Tepid Economy: Hitting Hard at Home
Middle Class Families Feeling the Squeeze under Obama’s Failed Policies
Six years ago American families were promised quality and more affordable healthcare under President Obama’s new health law.
But today, the broken promises of Obamacare have not only resulted in higher taxes, but also rising premiums that show no sign of stopping.
That, coupled with lukewarm economic growth and falling incomes, has left American families strapped under Obama’s economy and his health law.
Take a look:
GDP Growth Stalls, Premiums go Higher and Higher:
· Since President Obama took office, the gross domestic product (GDP) has grown at a disappointingly low average annual rate of only 1.7%. But at the same time, premium increases for employer-sponsored coverage for families has outpaced economic growth, increasing an average annual rate of nearly 5%.
Income Growth Declines, Premiums Forecasted to Rise Again:
· According to data from the Census Bureau, under the Obama economy, the median income growth for households has declined at an average annual rate of almost half a percent, while those households have faced rapidly growing healthcare premiums. Unfortunately, families who have employer-sponsored coverage should expect, moving forward, that their healthcare premiums will continue to increase in the coming years. And premiums for plans on the individual market are estimated to increase even more quickly over the next few years due to Obamacare.
Continued Tepid Long-Term Economic Growth:
· According to the most recent forecasts by the Federal Reserve, over the long-run, growth in the economy will range only between 1.8% and 2.3% per year. But with premiums expected to continue increasing at a faster rate over the next 10 years, hardworking American families will not be able to keep up.
One thing remains consistent: Premiums continue to rise at a rapid pace, while the economy under Obama’s policies has generated stagnant growth and declining income for hardworking American households. With Obama’s economic policies, and projections of continued rapid growth in healthcare premiums under Obamacare, the economic squeeze on Americans will continue to get tighter, absent change.
Only fiscally responsible, patient-centered reforms that repeal and replace Obamacare can free American families from Obamacare’s broken promises.
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