http://www.economist.com/blogs/democracyinamerica/2014/02/obamacare-and-employment?fsrc=scn/fb/wl/bl/grimprognosis
The affordable healthcare act is an extremely interesting and contorversial topic. It has dictated all the actions of the democrats and the republicans in the past 3 years. People supporting Obamacare(which by the way is another name for it) love the overall idea and justify it by pointing put to other countries that have universal health care. However just as Hayek had said, a government planned program will require immense amount of information. As such this program has a lot of loopholes which this article exposes.
The law of compounding numbers says that a .1% growth will help double the economy standard of living in 70 years, and obamacare seems to be making a rather bug dent in the future1 growth of the economy.
Having said that republicans have not come up with a better solution, but an interesting idea they cam e up with is discussed in the article.
The affordable healthcare act is an extremely interesting and contorversial topic. It has dictated all the actions of the democrats and the republicans in the past 3 years. People supporting Obamacare(which by the way is another name for it) love the overall idea and justify it by pointing put to other countries that have universal health care. However just as Hayek had said, a government planned program will require immense amount of information. As such this program has a lot of loopholes which this article exposes.
The law of compounding numbers says that a .1% growth will help double the economy standard of living in 70 years, and obamacare seems to be making a rather bug dent in the future1 growth of the economy.
Having said that republicans have not come up with a better solution, but an interesting idea they cam e up with is discussed in the article.
2 comments:
This is interesting because it is showing that this plan will hurt GDP in the future, but then why does every other developed country use it if it is so inefficient? It is interesting that it could lead to workers benefitting from working less, but this is one of the typical problems of a centrally planned system. Unfortunately, every solution has its downsides, and this appears to be it. For now, it is what we have until there is a better solution.
My comment here will be somewhat off topic. It seems that much of the population believes that President Obama's legecy is directly tied to the success of Obamacare. While the institution of universal health care has immense ramifications, I believe the presidents lasting legacy should focus on the economy. More specifically, President Obama should mostly be remembered for the state of the economy when he came into office, compared to it's current state.
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