Health Care Reform Act hits home
Kirsten Landis
Issue date: 4/14/10 Section: News
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The multifaceted idea of the Health Care Reform Act ultimately aims to make health care more affordable, make health insurers more accountable by minimizing premiums and preventing abuse and denial of care, expand health coverage to all Americans and make the health system sustainable in the years to come by reducing the more that $100 billion deficit. However, it simultaneously presents an array of other issues that will follow suit.
"Some claim that the goal is a reduction in costs of care. Others say that this will grant a benefit to economically disadvantaged people to help raise their standard of living. Still others say that this is a power grab by government. If they control the doors to healthcare then they can control you," said Dr. Brian O'Roark, associate professor of economics. "The right answer most likely lies somewhere in between, but as with so many policy issues, it is the unintended consequences which will likely determine the true outcome."
"Since the healthcare will have to be purchased from an exchange, there is no guarantee that a significant portion of those intended to benefit will do so. The general idea is that a civilized society doesn't let people die from a lack of food, housing or medical care," said Dr. Stephen Foreman, associate professor of health care administration.
While a majority of the plan will not go into effect until 2014, there will be immediate effects observable as taxes begin to increase.
"The disadvantages will begin immediately as taxes will begin to climb to fund the onset of the program. Some of the taxes will be obvious, such as the discussed value added tax. Others will be less obvious, such as the expiration of the current 'Bush tax-cuts'," said O'Roark.
The Health Care Reform Act has a particularly significant impact on the younger generation. Amongst an array of concerns, it threatens for higher taxes, greater levels of inefficiency compared to now, less competitiveness in the international market and a potential economic collapse, according to Foreman.
"Regarding students, I think the consequences will be more direct and more dire. Taxes will have to go up to pay for this. That means higher costs for products, and more importantly, if taxes are raised on businesses, that will further stymie the job market," said O'Roark. "You will pay a ton into this system before you get anything out of it."
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