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Analysis of Obamacare’s Effect on American Economics

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Obamacare has affected many American economics, it has affected the economy positively and negatively. A few examples it affected positively is that it slowed the rise of healthcare costs, it lowers the budget deficit, and it also covers 10 essential health benefits. A few examples it affects it negatively is that it raised the income tax rate, people choose to pay the tax rather than pay for coverage, and it also taxed those who didn’t purchase insurance.

One example Obamacare positively affected the American economics is by slowing the rise of healthcare cost . The slowing rise of healthcare cost was one of the biggest benefits the Obamacare provided. It does this by providing insurance and making preventive care free. The slowing rise of healthcare also leads the people receive treatment before they need to get to the expensive emergency room services.

A second example the Obamacare positively affected the American economics is by the lower of the budget deficit. There are three ways that help to lower the budget deficit. One way is to raise the taxes of some businesses and to raise the taxes of higher income families. Secondly, the cost burden will be transferred to health care providers and pharmaceutical companies. The last way is to reduce the government’s health care cost.

A third example that Obamacare affected positively is that it also covers 10 essential health benefits. All health insurance programs are obliged to provide the 10 vital health advantages. The 10 essential health benefits are maternity and newborn care, mental and behavioral health treatment, preventive and wellness visits, lab tests, pediatric care, services and devices, hospitalization, outpatient care, emergency room services, and prescription drugs.

There are few examples the Obamacare affected negatively, but one example is that is it raised the income tax rate. The income tax rate in 2013 was raised for 1 million individuals that had an income higher than $200,000. The tax rate increased from 1.45 to 2.35 present depending on the income above the threshold.

Two more examples that Obamacare affected negatively is that the people choose to pay tax rather than paying for coverage and it also taxed those did not purchased insurance. There were about 4 million people choose to pay tax rather than paying for coverage. There were people that did not purchase insurance, and those who didn’t purchase the insurance were taxed. Those who didn’t pay the insurance and were taxed, but many avoided the tax through an ever expanding list of exemptions.

Not only did Obamacare affect the American economics positively but also negatively. It affected it positively by slowing the rise of healthcare costs, by the lowering of the budget deficit, and it also covers 10 essential health benefits. It also affect it negatively by it rasing the income tax rate, the people choosing to pay tax rather than paying for coverage, and it also taxed those did not purchased insurance.

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Analysis Of Obamacare’s Effect On American Economics. (2020, September 01). GradesFixer. Retrieved October 31, 2020, from https://gradesfixer.com/free-essay-examples/analysis-of-obamacares-effect-on-american-economics/
“Analysis Of Obamacare’s Effect On American Economics.” GradesFixer, 01 Sept. 2020, gradesfixer.com/free-essay-examples/analysis-of-obamacares-effect-on-american-economics/
Analysis Of Obamacare’s Effect On American Economics. [online]. Available at: <https://gradesfixer.com/free-essay-examples/analysis-of-obamacares-effect-on-american-economics/> [Accessed 31 Oct. 2020].
Analysis Of Obamacare’s Effect On American Economics [Internet]. GradesFixer. 2020 Sept 01 [cited 2020 Oct 31]. Available from: https://gradesfixer.com/free-essay-examples/analysis-of-obamacares-effect-on-american-economics/
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