Sticker Shock: Healthcare Spending Spikes As ObamaCare Takes Effect
For some time now, Barack Obama and his apologists have trumpeted slowing healthcare costs as somehow attributable to ObamaCare. Never mind that the declines predated Obama’s election, and that even The Washington Post gave him three Pinocchios in its Fact Checker analysis of this claim on November 5 of last year:
Healthcare inflation has gone down every single year since the law [ObamaCare] passed, so that we now have the lowest increase in healthcare costs in 50 years – which is saving us about $180 billion in reduced overall costs to the federal government and in the Medicare program.”
To illustrate how he played the role of rooster taking credit for the sunrise, healthcare cost inflation reached 7% in 2003, but plummeted to approximately 2% before Obama even took office.
Regardless, but healthcare costs are spiking again as ObamaCare actually takes effect:
Growth in national health spending, which had dropped to historic lows in recent years, has snapped back and is set to continue at a faster pace over the next decade, federal actuaries said Tuesday… The jump comes after five consecutive years of average spending growth of less than 4% annually – a rate touted by the Obama Administration as the lowest since the government began tracking health spending in the 1960s and a sign that the health law’s Medicare provisions were helping rein in health costs.”