The Affordable Care Act, also known as Obamacare, is one of the greatest debates in Washington and around the country since the bill was passed by the Obama Administration on March 23, 2010. Many people had and still have questions about the law. One of the common questions is: ‘Will it drive prices of goods and services in hospitals up or will it lower the costs of the services sold’? The answer to this question will be answered as we look at the economic status of this bill.
What people did not realize is that the bill may have sounded good, but are we looking at how this bill will affect our economic system in the United States. The Affordable Care Act was introduced at a time when our economy was very weak, thus lacking the rigidity to absorb such a high cost
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Companies and small businesses who were struggling to survive from the Recession of 2008-2009; were forced to absorb the cost of providing insurance to their full-time employees. Many of these companies were forced to either lay off workers or cut their hours to part time. This hinders the economy’s ability to grow because many citizens have less discretionary income to spend. This makes the economy weaker, and a weaker economy forces the Federal Government to either raise taxes on struggling Americans, raise the debt ceiling or a combination of both, to pay for such an expensive program such as the Affordable Care Act. What is the Affordable Care Act? According to Obamacare Facts, “Obamacare (Affordable Care Act) is a US healthcare reform law that expands and improves access to care and curbs spending through regulations and taxes.” The goal of this democratic legislation was to expand healthcare insurance to those who cannot afford health insurance, have not been provided coverage through their full-time employers, or have been denied because of pre-existing medical conditions. But what would