In today’s American Spectator, I discuss the ridiculous claim by the President and his supporters that Obamacare slowed down health care inflation even before it was implemented:
Obamacare’s boosters have made many implausible assertions about its supposed successes … But any list of their most comical claims would have to include those involving the law’s “wayback clause.” Haven’t heard of that one? Well, like the provision authorizing the IRS to issue subsidies via federal exchanges, it’s absent from PPACA’s text. Nonetheless, its efficacy is routinely touted by Obamacare’s proponents as proof that “reform” works.
The most celebrated effect of this amazing provision is its retroactive reduction of medical inflation during the years preceding the law’s implementation.
Obamacare was passed in 2010. However, except for a few minor provisions, it didn’t go into effect until 2014. Yet the law’s wayback clause is such a powerful cost control tool that it has been able to traverse the time-space continuum and slow the rate of health care inflation, as the President himself has phrased it, ‘every single year since the law passed.’
In reality, PPACA has probably ended the 12-year downward trend in medical inflation. Preliminary data suggest that it began to accelerate again in 2014. To read the rest of the column, click here.