Family of four will see their health costs increase by more than $7,000 under Obamacare
President's campaign promises may go up in smoke come next month
"In an Obama administration, we'll lower premiums by up to $2,500 for a typical family per year," President Barack Obama pledged on June 5, 2008. "We'll do it by the end of my first term as President of the United States." Experts working for Medicare's actuary,however have reported that in its first 10 years, Obamacare will boost health spending by "roughly $621 billion."
This shows just how badly that promise fell short of the mark. This family of four hopefully hasn't already spent or borrowed the $22,500 in savings.
Very few well-informed Americans took this premise seriously. Factcheck.org deemed this claim as "overly optimistic, misleading and, to some extent, contradicted by one of his own advisers."
The Washington Post less charitably awarded it Two Pinocchios ("Significant omissions or exaggerations"). Unimpeded, President Obama on July 16, 2012 doubled-down on his promise, assuring small business owners "your premiums will go down."
The president made this statement notwithstanding the fact that in three separate reports between April 2010 and June 2012, the Medicare actuaries had demonstrated that the ACA would increase health spending. The Washington Post in response dutifully awarded the 2012 claim Three Pinocchios ("Significant factual error and/or obvious contradictions.").
The average family of four has only had to face a relatively modest burden from Obamacare over the past four years, which is a little over $125. Unfortunately, this year's average burden, $66 will be 10 times as large in 2014 when Obamacare kicks in for earnest. It will only rise for two years after that, after which it hit a steady-state level of just under $800 a year. Of course, all these figures are in nominal dollars. In terms of today's purchasing power, this annual amount will rise steadily.
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