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Sunday, November 1, 2020

New presidential healthcare plan will impact U.S. economy, regardless of winner

Both Biden and Trump plan to change the Affordable Care Act and implement new healthcare plans

There’s an ongoing debate on which healthcare approach is better suited for the economy: Bidencare or Trumpcare.

Democratic presidential candidate Joe Biden wishes to expand the Affordable Care Act, former President Barack Obama’s signature healthcare legislation and rename it, according to Reuters.

Republican President Donald Trump on the other hand wants to remove it indefinitely and replace it with his own healthcare plan that hasn’t been defined yet.

Read More: FBI warns ransomware assault threatens US healthcare system

Bidencare is expected to increase the federal healthcare spending by $2 trillion or more over the period of 10 years while Trump’s intend on holding federal spending stable or reducing it.

“Bidencare supporters emphasize the stimulative effects of government spending, especially in a period of economic distress, and the benefits of insuring more people in the middle of a pandemic,” according to Reuters. “Those who prefer Trump’s approach say it would avoid debt or tax increases they say would drag on future economic growth.”

Democratic presidential nominee Joe Biden delivers remarks about the Affordable Care Act and COVID-19 after attending a virtual coronavirus briefing with medical experts at The Queen theater on October 28, 2020 in Wilmington, Delaware. (Photo by Drew Angerer/Getty Images)

Nearly 30 million people in the United States are without health insurance as reflected in an analysis based on the Census Bureau’s American Community Survey. Under the Affordable Care Act, there was a drop in the number of uninsured citizens.

Under Bidencare, the administration would cut the figure “by a further 15 million to 20 million” according to an analysis by the Committee for a Responsible Federal Budget. The Trump administration has no intention of reducing those figures.

“Improving healthcare performance is a critical part of strengthening America’s health, economy and fiscal future, and should be top a priority for the next president and Congress,” says Michael Peterson, CEO of the Peterson Foundation, an independent foundation dedicated to establishing fiscal sustainability.

Read More: Biden, Dems forewarn Obamacare overturn amid Supreme Court vacancy

The Supreme Court is expected to hear a challenge to the ACA, one week after the presidential election. A ruling to completely dismantle the ACA would put the coverage of 21 million Americans at risk, according to the Urban Institute.

Trumpcare is less clear, but cheaper. According to an analysis by right-leaning nonprofit think tank American Action Forum, the proposal would lower premiums by 18% to 24% while the number of uninsured would remain steady.

The high price of Bidencare brings concern to Bipartisan Policy Center Senior Vice President William Hoagland, a former staffer to Republican lawmakers. But, he said that it’s worth paying for broader health insurance access for Americans which in return can lead to a stronger economy.

“I’m going to come down on the side that a healthy country, and a reduction in chronic conditions, improves productivity, and improving productivity increases economic growth,” Hoagland said.

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The post New presidential healthcare plan will impact U.S. economy, regardless of winner appeared first on TheGrio.



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