What’s this? Wall Street Journal says Obamacare is a boost to household income and spending?
The Wall Street Journal, a member of the corporate family that also owns Fox News, is saying things about Obamacare that must cause pains in certain right-wing quarters.
HERE‘s the deal:
(Notice, please, that the last paragraph of this excerpt mentions the negative effects of congressional Republicans rejecting an extension of jobless benefits.)
The Affordable Care Act, President Barack Barack Obama’s signature health law, is already boosting household income and spending.
The Commerce Department reported Monday that consumer spending rose a better-than-expected 0.4% and personal incomes climbed 0.3% in January. The new health-care law accounted for a big chunk of the increase on both fronts.
On the incomes side, the law’s expanded coverage boosted Medicaid benefits by an estimated $19.2 billion, according to Commerce’s Bureau of Economic Analysis. The ACA also offered several refundable tax credits, including health insurance premium subsidies, which added up to $14.7 billion.
Taken together, the Obamacare provisions are responsible for about three-quarters of January’s overall rise in Americans’ incomes.
Of course, what the government gives, the government can take away. Case in point: The late-December expiration a federal program that provided extended aid to unemployed Americans reduced benefit payments $16.7 billion.