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The election is now over so we can take a hard look at certain topics. One of those topics is Obamacare or Romneycare.
The Patient Protection and Affordable Care Act is almost an exact duplicate of "Romneycare". Actually, it almost looks like a school kid had plagiarized "Romneycare" and made a few changes to try to fool the teacher into believing it was really their work then put the title of Patient Protection and Affordable Care Act at the top.
Taking a look at "Romneycare" we can conclude the following:
- Success in expanding coverage to all residents.
- More access to services
- Higher health care costs and Massachusetts is the most expensive state in the nation as far as premiums are concerned
- "Romneycare" would not have worked if it were not for a very cooperative state legislator and governor working together to iron out the various bugs contained within the original legislation.
- A big part of Massachusetts economy now revolves around healthcare. The state has an unemployment rate lower than the national average at 6.7%, ranked at 22 out of 50 states. The Boston area has an unemployment rate of 5.9% or ranked 91 out of 372 different metro areas tracked by the BLS.
Therefore, I have concluded the following about Obamacare:
- If you can stomach the increased premium costs, then its great because it expands access and services.
- Its probably going to have some problems which may render the entire act unworkable if there is zero cooperation between the various branches of government. I noted that whenever there was a problem with Romneycare the state legislator in Mass came together with the Governor to work it out. No such cooperation exists presently between Congress and the President.
- Obamacare will help the economy. I noted the XLV etf which is based off of Health Care sector stocks is at historical highs. Actually, this etf worries me a little bit because it kind of looks like the Nasdaq Tech Bubble of 2000. I think Obamacare will bring more jobs especially in the healthcare sector.
- There will need to be a big revenue increases and/or cost cuts in other sectors of government to pay for it.
So there are some good things....some bad things, but my personal opinion is that the original legislation will have to be changed just like they did to Romneycare otherwise it may prove not to be workable...