Report: Health care costs to jump 7.4% under Obamacare
What happened to promised savings?
- Duration 8:49
- Date Jun 16, 2012
What happened to promised savings?
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Asked the Supreme Court may be just days away from slamming the gavel on the health care law the White House maybe given them a new reason to strike down the whole thing.
In illustration revealing medical costs will jump over 7%.
When provisions in the law kick again.
So what happen to president Obama's promise that costs would follow -- we passed this law.
-- hi everyone I'm Cheryl Casone and welcome to cash and then it's our -- it is true this week.
Wayne Rogers Jonathan how Dick Tracy -- along with Christian Dorsey and Gary outbound.
So welcome -- -- guys and Jonathan you saw this coming from the get go -- you know.
-- we predicted this on the show for well over a year Cheryl I mean the gold obamacare.
Was to destroy the private market for health and health care in this country and it's essentially succeeded before obamacare government already -- for 50% of health care spending.
That's going up as of the costs as you mentioned that you know we're looking at 500 billion dollars in new taxes associated with obamacare.
And tremendous loss of value loss of coverage 35 million people in according to -- loss of jobs as well in the health care science and ended devices category alone.
People losing their jobs but there's two ways to deal with folks reason and force when you deal with forces that we obamacare does and a wealth destruction always follow.
You know scary -- -- we have.
On average spending on health -- been about 4% that was during the recession but this new prediction about a 7% jump in 2014.
Does this mean that we need to go back and revisit what the law actually does.
Absolutely look at it it was and give me this was gonna cost more amazing part about it anybody believing it couldn't cost more you get millions of people.
Ought to the health care.
Of -- are going up and also businesses when you tell them you're gonna find them a small amount to get rid of people.
If you get rid of people off the health care but that forces businesses.
To give it to the government so.
The this is a life from the get go it was a sham and you know the 7% number it's a lot more than that.
With talking trillions of dollars they they sold it is this 800 billion.
That being the government program that ever came out that did not cost trillions more and just another sad story to watch.
You know Christian near my economists I always ask you this but in -- 20/20 one most economists believe that health care spending is gonna count for 15.
Of the US economy do you agree with that.
-- those are the projections in this report actually basically confirms.
What we've known all along and health care spending is going to continue to increase it you can't do anything otherwise but let's focus in on the Affordable Care Act.
If you actually read the report.
What it says is that over time it's not gonna contribute any more to health care spending -- if we didn't have the law but at the same time.
We're going to be ensuring twenty million more people and providing.
Better coverage for everybody so you can't insure more people and get better coverage for everybody at the same cost that's -- seems like an open letter that you would.
No way I am I am -- Are they -- vomit -- -- -- -- -- guys because -- it that true Christians point fair enough analysts say that this job.
And part is because those that we're not going to the doctor.
Even that the younger generation didn't have insurance they're gonna get onto their parents' plans are gonna get on it is exchanges and they're gonna go to the doctor that's -- the cost rise is so.
Maybe it's okay that that the cost coming off point.
Well to my good friend Christians point he -- if you read the health -- law let me tell you -- you see this.
-- -- -- -- right here with this and now it's I think that that's that's that's about 15 of the act it's 2500 pages long.
You can dump it in the garbage can it's not worth anything you can't -- the people who tested that congress the people we elect who is supposed to represent it.
Didn't read it.
You don't know what's in it nobody knows what's in outfit you what else health -- -- -- causing 22% of the budget it's going to rise.
You talk to anybody who -- a small business it has an eight small -- of being defined as somebody who hires under the under fifty people.
There health care went up last year 15%.
It's gonna go up next year it goes up every year and you've got to stop it.
Okay the unintended consequences here -- -- are large employers are going to drop coverage on low wage employees.
That's not a good thing I don't care where they end up that's not a good thing that corporations are making his decision to basically say.
Is too expensive to take care of our people.
Medicare Medicaid still not being addressed you're gonna see enrollment in both of those.
But potentially 30% by 2014.
So let's putt on the cost you -- of the things that you cannot afford.
And -- and acted out and panic either that unintended consequences are doctors leaving the right -- out of me think about how obamacare was -- -- -- painting doctors and insurance providers of these nefarious evil upstairs that they'll literally can't actually have a free market in health care because what what did the president say a doctor would -- out.
Your console and if you just -- -- argument.
That -- -- talk about that out and talk about cost.
-- -- Flow chart go look at the flow chart.
Of how many more departments -- and how many more government people to be needed to run this.
This talk about the IRS coveted top oversees health care.
And people -- in short they're in health -- and this is actually setting you now getting more government people running.
How you live I don't want them in my face -- they're in the they're not getting involved in health care and a -- -- it just gonna blow up the budget even works the majority yes.
Christian and by the way they'll right away those things that -- by the way the way that those and those payments are set they have not -- by doctors this up by bureaucrats only to go down that chart they say oh well you -- -- -- -- -- many of 500 -- for this it's an item that may have cost twenty dollars.
They don't know they haven't the vaguest idea you've got more runs in the government setting the prices but the people.
Do bureaucratic police said what's what Pellicano got -- is gonna cost and another way of a medical profession now.
-- -- how is that how is that any different from insurance company setting the prices for -- products and services it's the same thing.
Let's not make -- -- -- and this bolts let's not make this more than it is you know what -- I am I don't let.
It let me tentative west it was a little question question though it was rhetorical not real -- not -- -- -- question it's real you're.
No it is different because if you haven't helped get you allowed to go across state lines -- would compete and competition would bring down the price that's exactly what would happen.
-- -- -- I don't have a couple good and we got we have we have had since the beginning of time -- free market solutions to make health care portable and it hasn't now we -- we let.
Why -- have -- health care and -- Christian I think you're making -- wanna make sure because -- sure Arnold.
Ahead Mexico next -- But -- evident that I gotta get -- -- what I don't.
I'll I'll just make him the major distinction Christian that's what the difference of the government does -- or private health insurance cover car company does that.
That's a major difference -- -- obamacare is force if I buy insurance that's a free choice that the voluntary choice but obamacare literally acts of force forcing you to buy health care forcing health -- companies through to.
That give it to yield and the government is -- that runs the whole ship.
But he has not been preaching to and I got to come back to something you said earlier we don't talk enough about what we're doing to the medical device industry as well we're killing killing him.
Simply -- filling it right.
Until that -- going to be passed on as well again the unintended consequences cannot even be quantify.
At this point dairy case assessment push it very can't -- look if women about the -- -- major insurance companies United Healthcare this week came out and said.
A lot of provisions of the health -- -- we're going to keep that because it's almost too expensive to go back.
An undo what has now been done under the law if we hear from the Supreme Court very -- they throw the thing out -- pieces at a west.
I mean for insurance companies.
I think -- insurance companies gonna pick and choose what they think is good for them.
You know there's all this talk about -- government being go to vs the private since when is our government ever been.
Efficient and anything since when is our government come in under budgeted any thing.
And every time government -- -- -- it's been a blob and they've lost tons of money we're talking today about Medicare and Medicaid.
Trillions of dollars of -- losses in the future.
The -- never prepared for the long term and then not preparing for long term with -- -- and who's gonna get in the who's gonna lose out.
Tax payers with -- -- gonna go up immensely.
And you can on the medical devices and you said there's a tax on consumers visit acts -- -- Only bad comes from that's all the cost controls that we really didn't get -- that's --