The Affordable Care Act, President Barack Barack Obama’s signature health law, is already boosting household income and spending.
The Commerce Department reported Monday that consumer spending rose a better-than-expected 0.4% and personal incomes climbed 0.3% in January. The new health-care law accounted for a big chunk of the increase on both fronts.
On the incomes side, the law’s expanded coverage boosted Medicaid benefits by an estimated $19.2 billion, according to Commerce’s Bureau of Economic Analysis. The ACA also offered several refundable tax credits, including health insurance premium subsidies, which added up to $14.7 billion.
Taken together, the Obamacare provisions are responsible for about three-quarters of January’s overall rise in Americans’ incomes.
Look, more news you won't be able to see on Fox News.
This is the kind of information that absolutely HAS to disseminated far and wide.
The GOP is still counting on running against the Affordable Care Act in 2014, the more data like this that gets out there the harder that will prove to be.
Obamacare Just Made Americans Richer Without Anyone Noticing
ReplyDeleteGlenn Beck once said Obamacare would mean "the end of prosperity in America forever." But so far, it turns out President Obama's 2010 health law is actually putting money in Americans' wallets.
To be exact, President Obama's 2010 health law was responsible for about three-quarters of a surprising January rise in U.S. consumer spending and American income growth, according to calculations by the Wall Street Journal.
While not exceptional, the gains were significant: a 0.4 percent rise in consumer spending ($45.2 billion) and a 0.3 percent rise in personal incomes (up $43.9 billion), according to new figures released by the Bureau of Economic Analysis. The growth came in spite of the expiration of unemployment benefits for the long-term unemployed and all that horrible winter weather.
So what exactly did the Obamacare rollout do to cause such a rise? For one, it expanded the Medicaid program, a critical and highly controversial aspect of the law, by adding up to a $19 billion in benefits in January. On top of that, health care enrollees additionally received another near $15 billion in the form of tax credits as a result of the rollout, according to the BEA.
Together the two changes have freed up many Americans to spend money that would have gone towards health care premiums on goods and services instead.
The benefits of the Obamacare rollout thus far also appear to throw cold water on the idea that the law will hamper the economy -- especially when considering last January. Back then, both consumer spending and personal incomes had their worst month in years and fell by several percentage points after the battle in Congress over the so-called "fiscal cliff" ended with recession-era payroll tax cuts not being extended.
Overall, that tax hike resulted in an $700 per worker tax increase on average, according to the Tax Policy Center.
Who's killing the economy again?
http://www.huffingtonpost.com/2014/03/04/obamacare-january-bea_n_4892267.html
Not to be a Debbie Downer, but I know that there were some (several?) states that enacted higher minimum wage laws effective 1/1/14. This could account for a good portion of the higher wages, and higher spending.
DeleteThose that live paycheck to paycheck tend to spend more if they get more. Some of the "necessities" that they did without before--new shoes, clothes for school, etc., might be able to get them now.
I applied for Medicaid in my state, in early January. Even though this state "opted out", there are still several laws that they have to abide by. They still have not processed my application, and cannot tell me when they will. So even though it was law for me to have insurance (I'm not working, and have been trying to find a job--even McDonalds turned me down, as they already have a full staff plus a few in this small town) ... where was I? oh, yes... Even though, by law, I must have insurance by 3/1/14, I don't know if I do, and can't afford it.
On top of that, I am REALLY mad!!! The President stated that the law cannot be changed or delayed, except by a vote by congress. Yet, he has offered waivers galore, extended the business mandate, and now several other portions by executive order... So, what was that? it must be done by Congress???
If it were a Republican that was legislating by Executive order, then this site would be LIVID. I'm not talking about the standard exec. order--those I don't mind, terribly, I mean CHANGING LAWS!!! People here need to wake up! Look around you. You can Love this president, and still not love everything he does. He is mistaken in this, and I truly believe that it was written to fail so that the only way out of it is through single payer. Single payer couldn't pass, because most of the country DOESN'T WANT IT!! I know a LOT of horror stories that come from single payer, and especially about time delays--ordinary, common surgeries like gall bladder taking over a year to schedule--and that is COMMON PLACE in Canada!
Kind of like when your kid says, "I want to have a pair of shoes that cost $125", and bugs you for a month about it, then comes to you with a pair for $50 that he wanted all along, but knew you wouldn't go for it without the outrageous comparison first.
Sarah ain't happy her KOCH masters are being called out on the Senate floor for the dangerous men they are, and the Republicans addiction to their money. She and Steve Doofus are resorting to sexual innuendos to slam Harry Reid for doing the deed.
ReplyDeleteAs far as disparaging Americans from the Senate floor? The GOP does that EVERY FUCKING DAY with regards to our lovely president. Why should the KOCH brothers be immune when they are trying to buy legislatures all over the country? She's so full of shit!
And what the hell does she know about 'real men' with a pimp husband with a pencil dick and a high voice, that abuses young women? Yeah, real manly. She's got herself all worked up trying to define what a 'real man' is. Maybe if Harry went out a wrestled (or boxed) with a bear, she'd be happier.
Sarah Palin ✔ @SarahPalinUSA
Steve Doocy of @foxandfriends is right: if Harry Reid were a "real man" he'd zip his lips disparaging Americans from the Senate floor!
http://www.mediaite.com/tv/fox%E2%80%99s-doocy-palin-slam-harry-reid-for-koch-attacks-he%E2%80%99s-not-a-%E2%80%98real-man%E2%80%99/
Apparently bravery and real manhood consists of lobbing insults thru ghostwritten facebook posts and softball interviews on Fox News.
DeleteWhat the hell, Sarah, what about FREEDOM OF SPEECH? Huh? Shouldn't Harry be able to say whatever he wants? Who the fuck are you to say otherwise, you raving bitch! You're just sucking up to (or sucking on) the Koch cocks, again. It's so obvious who your master is!
DeleteI hate to disagree, but who cares what people spend on their ideals? Do you realize that of those groups that donated to any political party/politician, the Koch Bros are number 59 in spending? those in front of them are 95% Democratic supporters? it isn't until 17th before a republican was donated to. Harry Ried has received from those that have given a LOT more Koch industries has donated. Ya'll need a breath and realize that you are looking at the world through Dem colored glasses. It is not unreasonable for anyone to voice an opinion, or donate to those who agree with you. If you have worked hard, and gotten ahead, lived the American Dream, as it were, then by all means, donate to whomever you choose. Don't begrudge those that have made something of themselves.
DeleteBefore anyone says it, I just want to add that although the "rich are getting richer", those INDIVIDUALS that are rich a few years ago, aren't the same ones that are rich now. I will try to find the study, not sure if I can, but those that were rich in 1990, are different than the 1% in 2000, and are different individuals than in 2010.
They don't spend as much as Soros, for instance, yet they are demonized?
Another way to look at this info is that consumers are spending more because health care is costing them more because of Obamacare.
ReplyDeleteAnother way to look at this info …
DeleteOnly if that info—or additional info that you can cite—includes spending data broken out by category, so that health care expenses can be seen separately. Another point: probably now some people are choosing to get treatments for which they could not previously afford the copay … or simply could not afford.
Yep, it's working out fine! The less you pay for heath care insurance, the more food you can put on your table, the more you can save or spend for other things, like college, paying down your debt, buying a new, more efficient car etc. etc.
ReplyDeleteHere is a personal post a friend shared about her frustration with insurance companies. All Obamacare has done is forced us to all be at the insurance companies' mercy or lack there of. I want control of my medical treatment. I don't want some faceless insurance drone deciding what is best for me. I will continue to pay my own medical bills instead of trusting the insurance industry......... no matter what the fine.
ReplyDelete"just have to vent!!!!, again for those of you that have "coverage",,,, remember that term is defined by the insurance industry!!! and yes, you probably will be denied coverage for diagnostics, treatment, therapy or medications!!!!! my son is doing phenomenally well recovering from a severe traumatic brain injury,,, and would be far better with recovery if the insurance company didn't dictate what some of the best trained and successful doctors prescribe for his therapies,,, once again, a prescription denied. I call this the guinea pig routine,,,, a highly qualified doctor prescribes a therapy, the insurance company denies it, arguing that you try other therapies first, the patient's health is compromised, complications arise (often resulting in an emergency room visit and admittance to a hospital), this continues until the original prescription is deemed viable by the insurance company. Aaron has suffered near death reactions, and been hospitalized due to insurance industry standards and decisions of treatment,,,,. Let's not forget how much time, money and progress is wasted while the insurance/ pharmaceutical companies experiment on patients before they pack these inferior therapies off to the third world nations for continued profit!, Thank god for the outstanding medical professional, doctors, nurses, therapists who continue to fight for the quality care we all deserve,,,,, how sad, hiring a lawyer to get a prescription, rather than watch another near death episode!"
My opinion is, if I'm forced to buy insurance, they should have to pay for any treatment my doctor and I decide is the best course for me. My health care shouldn't depend on some insurance company's bottom line. Doctors should decide the treatment, not accountants.
I'm glad you can afford your medical bills. We never could. My daughter was diagnosed with a chronic illness last year and we got the best doctors and best treatment available. I looked at the cost of all those tests and procedures and thought how grateful we are to have insurance.
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