With a crisis of perception that ObamaCare is falling short on its promises, President Barack Obama spoke at the White House yesterday to try to get some positive coverage of the law.
“For years, too many middle-class families saw their health care costs go up and up and up, without much explanation as to why or how their money was being spent,” said Obama as he stood in front of a backdrop of Obamacare supporters. “But today, because of the Affordable Care Act, insurance companies have to spend at least 80 percent of every dollar that you pay in premiums on your health care — not on overhead, not on profits, but on you.
“Now,” he added, “many insurance companies are already exceeding this target, and they’re bringing down premiums and providing better value to their customers.”
President Obama cited Wednesday’s New York Times story noting insurance premiums will be decreasing in the Empire State. Of course, New York has a highly regulated insurance market, more so than the rest of the country, and the picture painted by the Times is based on a rather rosy, unlikely scenario.