How ObamaCare made the health care market work

September 6, 2013, at 12:09 PM
A Tea Party member reaches for a pamphlet on the impact of ObamaCare.

A Tea Party member reaches for a pamphlet on the impact of ObamaCare. Photo: JESSICA RINALDI/Reuters/Corbis

Nobel Prize-winning economist Paul Krugman points out that President Obama's landmark health care reform law is already pushing down health insurance premiums.

He explains: "Until now there has been sort of a market — but one that…is riddled with problems. It was very hard for individuals to figure out what they were buying… Price and quality comparisons were near-impossible. Under these conditions the magic of the marketplace couldn't work — there really wasn't a proper market."

The main result of ObamaCare is that we have real market competition for health care insurance — something that didn't exist before.

Ironically, it's the Republican Party — the one that says it supports free markets — that continues to do anything possible to derail the law that seems to be making the market work.

On a related note, Bill Clinton — once dubbed the "secretary of explaining stuff" by President Obama for his ability to decipher wonky topics for a general audience — gave a great speech earlier this week to explain how ObamaCare actually works. It's definitely worth watching.






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