Hillary Clinton has said over and over that she’ll continue Barack Obama’s “legacy” if she’s elected president — in fact she doesn’t think he’s gone far enough! Far enough into debt? Far enough up Iran’s nether regions? Far enough at burrowing further into your wallet?
One part of Obama’s legacy she’s going to have to defend at some point is the cost of Obamacare. Remember what he promised: not only would his plan add millions of the uninsured to the insurance rolls, it would do so while saving the rest of us money!
“I will sign a universal health care bill into law by the end of my first term as president that will cover every American and cut the cost of a typical family’s premium by up to $2,500 a year,” we were told in 2007.
It sounded like Fantasyland economics, and that’s just what it was. Indeed, when the center-left Politifact tried to track down a source for the estimate, this is how it went: “In our search for evidence that the law might reduce the typical family’s premiums, we contacted the Department of Health and Human Services, the federal agency implementing the law. The department could not provide proof that the average family would see a reduction, much less a $2,500 reduction.”
Some of the studies they did manage to track down found premiums would either increase or decrease slightly for the typical family, but none came close to the “$2,500” figure the president cited.
We’re nearing Obama’s last day’s in office, and let’s take a look at what actually happened to healthcare prices as the clock on his presidential career counts down:
Oh, and that’s just your premiums. Take a look at deductibles – what you need to pay out of pocket in addition to your skyrocketing premiums.
Average annual deductible for family health coverage – 2009 vs. 2015. pic.twitter.com/zZlrUTXYk8— Fox News (@FoxNews) May 7, 2016
As it turns out — and just as we knew all along — the “Affordable” Care Act proved to be affordable in name only.
Most people will see their premiums increase again this year on November 1st – right before the election. Hopefully it serves as a wakeup call.
What’s in YOUR wallet? A lot less.
[Note: This post was authored by Matt Palumbo. Follow him on Twitter @MattPalumbo12]