New health insurance exchanges tied to federal premium subsidies make up the “beating heart” of the soon-to-be-implemented 2010 federal health care law. But that beating heart appears far from healthy.

Katherine Restrepo delivered that message during a speech today to the John Locke Foundation’s Shaftesbury Society. In the video clip below, Restrepo discussed Obamacare’s impact on health insurance premiums in North Carolina.

2:15 p.m. update: Click play below to watch the full 48:55 event.

You’ll find other John Locke Foundation video presentations here.