Regulating Away the American Dream

Regulating Away the American Dream

 A great article by John Stossel.  Here's an excerpt below. Follow the link above to read the full article.

The more government "protects" us, the more it puts obstacles in the way of trying new things. It does that every time it taxes, regulates, and standardizes the way things are done. Simultaneously, government offers "compassion"—welfare and unemployment benefits.

Faced with the choice of collecting unemployment or putting your own money at risk and hiring an army of lawyers to deal with business regulations, I understand why people don't bother trying. When that attitude is pervasive, the American dream dies.

Bad News for Millennials

Obamacare is bad law. There is a specific group that it's especially bad for. I am really excited to say this because I am luckily in that group. The Millennials are the losers. With the leftovers of the recession and debt like student loans, we will now have to pay for Obamacare. That means high premiums and of course penalties for not signing up. A one year waiver would have been nice like Big Business got. John Stewart from the Daily Show agrees.

The article that I read from US News.com said, "These increases reflect one big ACA truth – younger, healthier Americans are required under Obamacare to overpay for their insurance so that older, sicker, and (by and large) wealthier Americans can underpay for their insurance." You may get a Bronze plan for like $83 if you make $25,000 in your mid-Twenties, however the premiums would be massive. The author continues:

Then there are the costs that don't show up in the side-by-side premium comparisons. The Department of Health and Human Services looked at a hypothetical 27-year-old Texan earning $25,000 per year. This person, HHS noted, would pay $145 for the second-cheapest silver plan and $83 for a bronze plan. ButInsureBlog.com noted that such plans would likely come with a $5,000 deductible and a $6,350 out-of-pocket maximum. For a young person with serious health issues, the ACA's "affordable" coverage will consume 30 percent of his income.  

 This law is bad and hopefully it can be stopped. If not, then we will have to see the economy struggle and Americans, Young Americans, hurt.