Obama’s Legacy: Bending the Healthcare Cost Curve January 15, 2017Posted by geoff in Economics, News, Obama's Legacy.
Y’all may remember this from the bad old days when President Obama was pitching the Affordable Care Act:
After meeting with Senate Democrats on Dec. 15, President Barack Obama made a number of claims about what the health care bill would achieve if passed.
“We agree on reforms that will finally reduce the costs of health care,” Obama said. “Families will save on their premiums; businesses that will see their costs rise if we do nothing will save money now and in the future. This plan will strengthen Medicare and extend the life of that program. And because it gets rid of the waste and inefficiencies in our health care system, this will be the largest deficit reduction plan in over a decade.
“Now, I just want to repeat this because there’s so much misinformation about the cost issue here. You talk to every health care economist out there and they will tell you that whatever ideas are — whatever ideas exist in terms of bending the cost curve and starting to reduce costs for families, businesses, and government, those elements are in this bill.”
Naturally you’re curious as to whether he did in fact reduce spending on healthcare and bend that cost curve. As usual with this president, it seems that his promises were based on either blind optimism or a desire to deceive the American public (chart from Forbes):
I’ll let you decide whether optimism or deception is at fault here.