Saturday, May 4, 2013

Yet another D.C. pol acknowledging the effect of the health care law on health care costs

Add Chuck Schumer (D-NY) to the list of those who voted for it going into CYA mode over their signature legislation the, Affordable Care Act (aka ObamaCare).

Sen. Chuck Schumer, a New York Democrat and longtime backer of President Obama’s Affordable Care Act, said that insurance rates are likely to spike – and “Obamacare” is partly to blame.

Speaking with WHEC Rochester, Schumer said, “Our insurance department is empowered to protect families and we’re going to watch them like a hawk to make sure they do, because if they don’t, these rates could go through the roof.”

“It’s in part because of Obamacare, but health care costs have been going up in double digits for years and years and years. The good news is in this bill, there’s a way to stop it.”

It goes unreported if Schumer actually offered up any particulars on how the law will bend down the cost of healthcare so we'll fill in the blanks as a matter of public service. You see, defenders of ObamaCare will tell you of the myriad of credits, exemptions and waivers in the law that will help particular people and families escape the rising cost of healthcare as Schumer explained. What always goes unexplained, however, is that though certain people may be getting help from Uncle Sam it doesn't erase the cold hard fact that costs are still being incurred.

You can talk credits and exemptions until you are blue in the face but on the same token you cannot wave a magic wand and simply make those incurred costs disappear.

Let's bottom line this: Someone, somewhere, somehow is going to have to pay for these incurred healthcare costs. And as you are reading this, there is a very good chance that it's going to be you, Mr. and Ms. Middle Class paying for those incurred costs via the myriad of taxes that are in the law that ObamaCare defenders would rather you not know about.

Higher taxes on medical devices, higher taxes on certain medical plans, higher taxes on financial transactions, higher taxes on flexible spending accounts, higher taxes on medical itemized deductions... taxes, taxes, taxes.

And while you're medical bill may or may not be higher, ObamaCare will be extracting its proverbial pound of flesh to pay for itself through these myriad of taxes. As they say, if the thunder don't get ya, then the lightning will.

But if you assumed the august body of the U.S. Senate to which Schumer belongs and which hadn't produced a budget in 3-1/2 years to employ any foresight and wisdom in trying to get healthcare costs under control, you are possessing of an optimism and wishfulness we currently lack.

But we do appreciate Schumer's honesty now that ObamaCare is the law of the land; an honesty rooted in economic realities that we have known and have been writing about for years.



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