The latest dilemma facing economists is why “unequivocally good” low oil prices haven’t sparked excuberant consumer spending across America. We have discussed the simple (though awkward for the establishment) answer many times – soaring costs for ‘shelter’ and healthcare have hoovered up every penny saved (and more); and now, a new study proves it – exposing the reality that many Obamacare customers pay more than 10 percent of their incomes toward coverage (and some paying considerably more).
The shocking findings show that, as CNBC summarizes, One in 10 Obamacare customers who earn between just two and five times the federal poverty level will have coverage costs that exceed 21 percent of their incomes, an analysis by the Robert Wood Johnson Foundation and the Urban Institute found.
And the median Obamacare customer who earns in that range spends more than 10 percent of their income on monthly premiums and out-of-pocket health expenses, the analysis found.
“Many who have modest incomes have high financial burdens even with average medical expenses,” the report said.“For those at the top of the [health] spending distribution, financial burdens are very high.”
“You start to get hit pretty hard,” said John Holahan, an Urban Institute fellow, and co-author of the report.
So in case you were wondering why your ‘pocket book’ never improved – it’s simple – the commandeerer in chief’s plan has sucked up all your extra savings.
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Full Urban.org Study below:
This story originally appeared ad ZeroHedge.com at: http://www.zerohedge.com/news/2015-12-28/obamacare-sucking-10-americans-incomes
