A stunning Ministry of Finance (MoF) report released today on the global impact of the recently implemented Affordable Care Act (ACA) [otherwise known as Obamacare] in the United States is warning that this new law is now in a “death spiral” which could, by February 2014, collapse the entire world’s economic system as the US Federal Reserve would not be able to bail out its European Union (EU) counterpart central banks as it had done with the over $80 billion in secret loans given to them after the 2007-2008 financial crisis due to this laws “massive failure.”
According to this report, Obamacare was enacted to increase the quality and affordability of US health insurance, lower the uninsured rate by expanding public and private insurance coverage, and reduce the costs of healthcare for individuals and the government in an area which encompasses nearly 20% of the entire American gross domestic product (GDP).
What Obamacare has, instead, accomplished, this report says, is an unprecedented soaring in price of US health insurance, the dumping by American insurance companies of hundreds of thousands of previously insured people, and the skyrocketing of healthcare costs for everyone.
So grim has Obamacare become, this report continues, the highly respected Kaiser Health News reported this week that up to another 14 million Americans will lose their private healthcare because their policies fall short of what the this law requires starting 1 January 2014.
Even worse, this report says, and as the MoF quotes from US sources, tens of millions of Americans have started losing their jobs because of Obamacare with tens of millions more being shifted to part-time from full-time work due to this laws “inflexible mandates.”
In one of the many examples contained in this report of what Obamacare is truly costing these people, this MoF report details, is one American mothers experience in obtaining new health insurance for her family as reported by The News Virginian, and which, in part, says:
“So, she was stunned when she found out what her new insurance policy would cost.
The Highmark representative explained that her new policy had to meet all the requirements of the Affordable Care Act (ObamaCare). It would have to cover things she does not want or need — such as mental health problems, substance abuse and maternity care.
She asked the representative to help her choose a policy similar to what she had. The closest match he could find was a comprehensive PPO policy.
Her deductible would go from $1,200 to $1,500 per person, but her family deductible would increase from $2,400 to $5,000.
Her 90-percent copay would rise to 80 percent. Instead of being responsible for only 10 percent of her medical bills, after the deductible is met, she would be responsible for 20 percent. Her maximum out-of-pocket costs would soar from $2,000, after deductibles, to $12,000.
Her premium would go from $400 to $884 per month — an increase of almost $6,000 per year.
If she or one of her children were to get ill, as her husband did, her out-of-pocket costs would run about $24,000 a year.”
And not just to the known costs of Obamacare will these Americans be subjected to either, this report continues, but also to what the Forbes News Service warned this week will be the “next shoe to drop” and involves the “hidden costs” of this law that will impact “those who actually use their healthcare insurance, especially people with catastrophic medical bills.”
To how many people have actually signed up for Obamacare, this report continues, is an “unknowable equation” as the US government website (Healthcare.gov) Americans need access to purchase these outlandishly expensive health insurance polices from has experienced what has been called a “perfect storm IT meltdown” with over 500 million lines of computer code possibly needed to be completely rewritten.
As to whom is responsible for this “perfect storm IT meltdown” of the Obamacare website, this report says, is first due to the French Canadian software computer company the Obama regime contracted with for over $500 million to build its signature piece online insurance “marketplace,” Conseillers en Gestion et Informatique (CGI), and who was terminated in September 2012 by an Ontario government health agency after the firm missed three years of deadlines and failed to deliver the province’s flagship online medical registry.
Second to blame for the Obamacare websites massive failure, this report continues, is the Obama regime itself who, according to the Forbes News Service, designed it in order to keep the American people from knowing the true and full costs of the insurance polices they were being required to purchase.
As to the cost of these new Obamacare polices, this report says, they are divided into categories listed as “Bronze” “Silver” “Gold” and “Platinum,” with the average price per month for an American family aged 30 (insuring a father, mother and two children) costing between $818.16 and $1,071.39 and all of the plans covering the same benefits and capping annual out-of-pocket expenses at $6,350 for an individual, $12,700 for families.
Of the greatest danger Obamacare is to the US economy, this report warns, are exactly these astronomical costs associated with these polices in a nation whose real (U-7) unemployment rate is 15.63%, has 25 million of its citizens that can’t get full time jobs, and, most shockingly, has reported that a record 90,609,000 of its workers have dropped out of work force entirely.
As to exactly how these under and unemployed Americans are supposed to afford these polices under Obamacare, this report says, no one in the American government is saying, or able to say. This cannot be said, however, of the US insurance companies themselves, this report concludes, who this past week warned that Obamacare is now (or soon will be) in what they call a “death spiral” due to healthy young people not signing up due to “high cost and complication of access” which in turn will cause those who have signed up to see their premiums soar even higher.
To the US governments response to all of this was, perhaps, best summed up by the Insurance Journal News Service who said this week that Obama regime “has decided to triple down on the “burn the boats” strategy pioneered by Hernan Cortes in his conquest of Mexico: Make a total commitment in the hopes that this will somehow enable you to overcome impossible odds.”
And to the greatest danger of Obamacare’s cost to the global economic system, this reports summation warns, is that the US debt ceiling, suspended last week until 7 February 2014, and which in the past week alone has surged to over $17 trillion for the first time in American history, will leave the Federal Reserve, that has accumulated an unprecedented balance sheet of more than $3.6 trillion (equal to the amount spent by Obama on welfare) from its scam printing money strategy, unable to bail out the world again when the next crisis hits.
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