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Obamacare Boosts Personal Income and Spending

The Wall Street Journal reports that a “big chunk” of January’s increase in consumer spending (0.4%) and personal income (0.3%) can be attributed to Obamacare.

“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.”

“On the spending side, the BEA is assuming Obamacare is responsible for a $29 billion increase in health-care services.”

Read more: http://wonkwire.rollcall.com/2014/03/04/obamacare-boosts-personal-income-spending/

Categories: National News