At this point, you may remember with a grim chuckle the promises that were made about how ObamaCare was going to decrease your health insurance premiums and ' “cut the cost of a typical family’s premium by up to $2,500 a year”. BAout how if you liked your current health plan, you'd be able to keep it.
As I reported previously, over 7 million Americans are likely to lose their employer provided health care because complying with all the new regulations make it cheaper for many employers to pay the mandated penalty rather than pay the increasing health premiums and administrative costs.
The cost for a family of five, two adults and three children, the lowest level of coverage, the Bronze, is going to cost - wait for it - $20,000.
And if you're middle class and don't qualify for the ObamaCare subsidies your tax dollars are paying for, guess what? Your choices are to either cough up the $20,000 (or more if you need better coverage) per year or pay the IRS mandated penalty, capped at 2.5 percent of taxable income, or a minimum of $2,085.00 per family by 2016.
As the Heritage Foundation reveals, the news gets even grimmer if you manage to retain your employer provided healthcare. The new regulations and rules mandated by ObamaCare mean that your premiums will skyrocket.
According to a study by the House Energy and Commerce Committee, here are the projected increases, by state:
But what about the ObamaCare subsidies?
If you earn a middle class income - something like $100-200K in a state like California or New York,a lot less elsewhere - you're 'rich' and won't qualify, You'll be the cash cow for everyone else. Because the money for the subsidies for people whom the government deems deserve it more than you and your family has to come from tax dollars. Or as Democrats like to call them, 'revenues'.
Obamacare’s subsidies are estimated by the Congressional Budget Office to cost over $1.2 trillion over 10 years. And considering that the new CBO estimate is much higher than originally anticipated and that the Obama Administration wants to add millions of undocumented aliens to the rolls - all of whom will need to be covered and almost all who will qualify for the subsidy - expect that estimate to skyrocket as well. I've seen projections of up to $5 trillion, especially as more and more people are forced into one size fits all ObamaCare.
It is nothing less than a transfer of wealth and a rape of America's middle class.
And believe it or not, there are still people who see President Obama as the 'middle class warrior' he painted himself as during the election, someone the exit polls showed these people think 'cares about people like me.'
Over the next few years, these people are going to find out what a horrible mistake in judgment that was.