Barack Obamacare in “Death Spiral”
US House Speaker Paul Ryan said President Barack Hussein Obama’s healthcare law is entering its final stages, it is doomed.
“You have to remember this law is getting much worse. It is what actuaries say, ‘Entering a death spiral.’ High, high premiums increase, high deductibles, no choices. We have to fix this problem,” the House speaker said in a TV interview Wednesday.
President Elect Donald Trump campaigned on a pledge to “repeal and replace” the law, known as Barack Obamacare (ACA). He noted on rising premiums under the plan, which has broadly expanded health coverage in the United States.
Mr. Ryan vows to use the early days of the Trump Presidency to “fix” the insurance system.
The Wisconsin Republican said he wanted to stress that a “reasonable” transition period would follow a repeal, “so we’re not pulling the rug out from under people midstream.”
About 20-M people are covered under Barack Obamacare, the Department of Health and Human Services (HSS) said earlier this year.
Meanwhile, Lame Duck Barack Hussein Obama has encouraged Americans to sign up for Barack Obamacare health insurance plans despite Republicans’ stated intentions to repeal, or at least improve, the law during Trump’s administration.
Mr. Obama spoke on a Facebook Live video and urged people to sign up by 15 December which would guarantee them coverage starting on 1 January.
“Don’t let Republicans in Congress take us back to the days when you could be denied insurance for having a pre-existing condition,” Mr. Obama said.
He added that the Affordable Care Act (ACA) is still federal law despite some politicians’ arguments that “might make it sound like your insurance is somehow at risk.”
Republican lawmakers are vowing to make changes to the law, if not get rid of it altogether, now that the GOP controls the White House and both chambers of Congress.
And, according to a recent report, they are working with insurance companies to make the transition between the existing law and the one that may replace it smooth at the consumer level.
Latest posts by Paul Ebeling (see all)
- F1: Hanoi to Host Vietnam Grand Prix Kick-off Event - April 21, 2019
- Ferrari (NYSE:RACE) ‘Tailor Made’ Build Your Own Supercar - April 21, 2019
- Box Office: ‘The Curse of La Llorona’ Tops Easter Weekend with $26.5-M - April 21, 2019