Yet another lie from Obama

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Joe Kawfi
Joe Kawfi's picture
Joined: 07/20/2009

As President Obama trots out his new "Buffett Rule" to raise taxes on millionaires, the media are predictably assisting his efforts by spreading misinformation about the wealthy paying less taxes than lower wage earners as a percent of income.

Media Myth Debunked: Millionaires Don't Pay Less Tax as Percent of Income Than Lower Earners

Cyclist's picture
Joined: 05/15/2007
Obama promised at least 20 times....

that his health care plan would “bring premiums down by $2,500 for the typical family. Yet Obama has presided over a $2,393 increase in premiums for the typical family.

Now, premium growth isn’t (yet) entirely under the control of the President, and growth rates for insurance premiums were even higher in George W. Bush’s first term. But it is striking that, 18 months after passage of a law called the “Affordable Care Act,” the growth rate of insurance premiums has gone up, not down.

How could this possibly be? Three reasons:

First, the blizzard of new mandates and regulations on private insurers has, and will continue, to drive premiums up. If you force every restaurant to serve fancy organic vegetables, restaurants will have to charge higher prices for the food on their menus. Same goes for insurance.

Second, Obamacare contains significant tax increases that will get passed down to consumers in the form of increased premiums. Pharmaceutical companies, for example, will charge $7-8 billion more for their products in order to recover the costs of Obamacare’s $2.5 billion pharmaceutical excise tax. Similar excise taxes on medical devices and health insurance policies themselves will get passed down to individuals. Corporations really are people.

Third, insurers know that Obamacare’s insurance price control regulations are set to go into effect for 2012, and are doubtlessly trying to get in as big a price increase as they can before the process of premium increases becomes completely politicized.

Now for those of you that complain about those "evil" insurance companies you need to understand what "insurance price controls" really mean and how it will impact your health care decisions in coming years.

Courtesy of Forbes

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