Friday, May 31, 2013

SHOCK, CONSTERNATION AS KRUGMAN PROVEN WRONG AGAIN: California health insurance premiums to spike 64 to 146 percent

And the former Enron adviser had such a stellar track record of predictions until now, what with advocating a housing bubble and praising the Euro in the last decade alone.

Rate Shock: In California, Obamacare To Increase Individual Health Insurance Premiums By 64-146%

Last week, the state of California claimed that its version of Obamacare’s health insurance exchange would actually reduce premiums... But the data [it just] released tells a different story: Obamacare, in fact, will increase individual-market premiums in California by as much as 146 percent.

...Last week, Covered California—the name for the state’s Obamacare-compatible insurance exchange—released the rates that Californians will have to pay to enroll in the exchange...

...That Obamacare more than doubles insurance premiums for many Californians is especially ironic, given the political posturing of the President and his administration in 2010. In February of that year, Anthem Blue Cross announced that some groups (but not the majority) would face premium increases of as much as 39 percent. The White House and its allies in the blogosphere, cynically, claimed that these increases were due to greedy profiteering by the insurers, instead of changes in the underlying costs of the insured population...

...So, to summarize: Supporters of Obamacare justified passage of the law because one insurer in California raised rates on some people by as much as 39 percent. But Obamacare itself more than doubles the cost of insurance on the individual market. I can understand why Democrats in California would want to mislead the public on this point...

I'm actually looking forward to the full implementation of Obamacare in January. Everything we warned the drones about -- and more -- will unfold in very short order. As Max Baucus described it: a train wreck.

And Nancy Pelosi will need a couple more facelifts from the stress, I suspect. But maybe those are covered under her plan.

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