Obamacare was supposed to reduce health expenses for Americans, but that’s not how it’s working out.
Although many have benefited from government subsidies or the ability to buy insurance, health-care costs continue to rise and eat up a bigger percentage of household budgets.
In a recent though little-noticed study, economist Ann C. Foster at the Bureau of Labor Statistics found that health costs made up a record 8% of an average household’s budget in 2014, the last year for which data is available.
That’s a 40% jump compared to 10 years ago, and a 21% increase since 2010, the year the Patient Protection and Affordable Care Act was passed. Parts of the law were implemented shortly afterward but it wasn’t until 2014 that most of it took effect.