The big-name financial coach and radio host Dave Ramsey doesn’t often get political. Usually he gives his listeners encouragement on how to dig themselves out of debt, how to invest for the future, and how to manage a family budget. His discourse largely focuses on positive life habits and living a fulfilling life free from financial woes. But when it comes to Obamacare — Ramsey has nothing positive to say.
“I told you guys that Obamacare was communism,” he said on his show recently.
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“I just got some data in that will blow your mind. To say that Obamacare is an unmitigated economic disaster is an understatement.” He was referring to the skyrocketing premium prices and deductibles announced last month.
Insurance companies across the country are reporting increases ranging from just 19 percent (which would be remarkable under any other circumstances) to as much as 145 percent. “This is the effect of Washington taking control of an entire industry and screwing it up,” he explained.
Ramsey didn’t mince words as he described how the Affordable Care Act has cost his small company — with only 600 employees — millions of dollars. “That’s money I don’t have to hire people with, because it’s going to stupidity,” he said.
He had nothing positive to say about the lawmakers either. “The people that put Obamacare together had one of two agendas. Either they were absolutely economic morons — which there’s a real possibility of that — or they fully intended to destroy the health insurance industry and completely put them out of business, so that the government would be the only provider of health insurance. Now I don’t know whether they have that much malice and that much an intention [of moving] toward socialism, or whether they’re just stupid.”
The rapid increases in costs will trickle into every sector of the economy, Ramsey explained. The health care industry makes up one-seventh of the U.S. economy, and these price increases will make it difficult for businesses to make their bottom line with their current number of employees. The prices of food, gas, clothing, and other everyday wares will also likely increase as a result, while companies try to offset staggering personnel costs.
“If you don’t think prices are going up across the board on every product and service in America as a result of this debacle, you’re not smart,” Ramsey said. “It’ll be gradual and incremental, and that’s how you boil a frog. You turn [the water] up slowly. And a bunch of you frogs aren’t paying enough attention —and you’re getting boiled.”