Will Obamacare comprise a part of President Obama's legacy? No, unless that legacy is deemed to consist of impotence (Syria), appeasement (Iran), and half-baked notions of governance costing the US trillions of dollars (Obamacare). Now even David Brooks, in his latest New York Times op-ed entitled "The Incredible Shrinking Obamacare," is referring to a possible Obamacare "death spiral." Brooks writes:
"Only about 12 million people are in exchanges. More important, the exchanges are attracting sicker, poorer people, who drain money, and are not attracting the healthier people who pour money in.
Many insurers are suffering catastrophic losses and pulling out. As James Capretta of the American Enterprise Institute has noted, Aetna has lost $430 million since January 2014 on insurance plans sold through Obamacare and is withdrawing from 11 of its 15 states. United Healthcare has lost $1.3 billion on the exchanges and will cut its participation to three states from 34.
That means less coverage; 24 million Americans still lack health insurance. That means less competition. Before too long, a third of the exchanges will have just one insurer in them. That also means higher premiums. Blue Cross Blue Shield has requested a 62 percent increase for next year in Tennessee and an average 65 percent increase in Arizona. Some experts put the national requested increase at 23 percent.
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The next president will have to deal with all this, especially if the exchanges go into a death spiral, even though the subject has been basically ignored in the campaign."
And what happens if the exchanges go into a death spiral? Who steps in? At what cost? And what will this do to America's expanding budget deficit, which recently reached its highest level in two years? How much will this add to America's burgeoning national debt?
It's not just Obamacare that is facing a death spiral.
Is either Hillary or Donald equipped to pull the US economy out of its dive? Good luck with that.