Recently, a local talk radio program here in D.C. had a caller who described his before and after insurance costs for his family of four. Before Obamacare: $3,500; after Obamacare: $10,500. His family’s disposable income has decreased by $7,000. He asserted that his family was middle class, so for someone who is not wealthy an income loss of $7,000 per annum is enormous. (And, substantial premium increases are expected in some regions of the country.)
Think of the businesses and organizations that may be hurt or “crowded out” by the implementation of this new tax: restaurants, auto companies, appliance makers, home improvement firms, decorators, book sellers, home sellers, educational programs, and charities. The list is long. One also has to have sympathy for young adults who may have substantial college debt along with this healthcare burden. Will people delay marriage and have fewer children? Probably so.
If we wish to restore economic growth and family formation and prosperity, it just seems obvious that the Affordable Care Act has to be repealed and replaced. The numbers are just too brutal.