As reported here:
Alec Phillips, economic researcher at Goldman Sachs, said in a note issued late last week to clients that subsidies from the Affordable Care Act boosted gross domestic product during the first quarter and are likely to do the same during the second quarter.
Phillips says that he now has a more optimistic view of the second quarter’s GDP growth, with a gain of 3.9% now estimated, and 4.5% annualized growth in real personal consumption.
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Phillips goes on to say that health spending grew at a faster pace during the first quarter than at any other time in the last 30 years, thanks to a $37 billion boost in personal income.
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But the health-care industry won’t be the only one to benefit, Phillips says, as subsidies will free up income for those who had no coverage before, as well as those who had insurance but were paying for it themselves.
“Overall, around 40% of the subsidies should find their way to non-health consumption this year,” he wrote.
Now that GS has made the pronouncement, the Repubs will certainly change their tune. And Obama will start pushing for single payer. And pigs will fly.