The “Affordable” Care Act fails to deliver — again.
With millions of Americans gaining coverage through President Obama’s health care law, health care spending spiked by a staggering 9.9 percent in the first quarter of 2014 — the fastest rate since 1980 – according to data released Wednesday by the Bureau of Economic Analysis.
Note this addendum to Philip Klein’s story:
UPDATE: Were it not for the rise in health care spending, the economy would have contracted by 1 percent in the quarter, instead of growing at a meager 0.1 percent, according to Ian Shepherdson, the chief economist at Pantheon Macroeconomics, as quoted by Business Insider. The article also quotes a BEA spokesperson as saying the spike in spending, “reflects additional spending associated with the implementation of the Affordable Care Act.”
Time to repeal and replace this government debacle. We must replace it with a consumer-driven model that allows people to make choices about what works for them, and for those offering insurance policies to respond to market forces.
