When Common Sense Meets Health Insurance

On August 14th, Investor’s Business Daily posted an article about the impact that the removing of regulations by the Trump administration has had.

The article reports:

As the Competitive Enterprise Institute noted earlier this year in its “Ten Thousand Commandments” annual report, federal regulations cost a lot more than their stated dollar amount. As of last year, regulation and federal intervention in the economy cost Americans an estimated $1.9 trillion. And that’s one of the lowball estimates out there.

How much is that? It’s the equivalent of a $15,000-per-household tax levied each year in perpetuity. That’s more than the average family spends on food, clothing or transportation. Only housing takes more of the family budget.

If regulation were a nation, and let’s be thankful it’s not, it would be the eighth-largest economy in the world. Regulation even exceeds the IRS’ total take in corporate and individual income tax. That’s how big it is.

Last year, Trump began cutting rules in earnest as soon as he entered office. He slashed the total number of pages in the Federal Register, the government’s regulatory bible, from 95,894 in 2016 to 61,308 pages in 2017. That’s a decline of 36% and the lowest since 1993. This year it will go even lower.

On Friday, Investor’s Business Daily posted an editorial about how removing some regulations has impacted ObamaCare.

The editorial reports:

The leftist Center for American Progress claimed that premiums for ObamaCare’s “benchmark plan” would rocket up 25% next year, due almost entirely to the individual mandate repeal and Trump’s decision to expand access to far less expensive “short term” insurance plans that don’t have to comply with ObamaCare regulations and mandates.

Rates in Pennsylvania, it said, would jump 27%. They were going to climb 28% in Wisconsin. And 29% in Arizona and Nebraska.

All those dire predictions scored widespread news coverage.

But then insurance companies started announcing modest rate requests for 2019, and suddenly ObamaCare was no longer a story.

ObamaCare premiums will rise a mere 0.7% in Pennsylvania, according to the state’s insurance commissioner. They will climb by just 1% in Nebraska. In Wisconsin, they’re expected to drop by 3.5%, and drop by more than 5% in Arizona.

The overall increase this year will be just over 5%, on average, according to ACASignups.net, which is aggressively supportive of ObamaCare.

If that holds true, it will be the lowest increase in premiums since ObamaCare started.

According to data from the Health and Human Services department, premiums in the individual market jumped 25% in 2014, ObamaCare’s first year. They climbed 14% in 2015 and 8% in 2016. In 2017, premiums shot up by 23%. And then another 37% in 2018.

Keep in mind that except for the 2018 rate increase, all those prior hikes were announced when Barack Obama was in the White House and everyone expected Hillary Clinton to become the next president.

Government regulations affect all of us. Most of them simply need to go away.

The Jobs Report Came Out Today

The jobs report came out today. The number I watch, and I am waiting to see change is the Workforce Participation Rate. That number is holding steady at 62.9. That is not a great number, but it is an okay number. That number reached 66 during some of early 2008, but has generally been in the 63 or 64 range most of the time since then. The other numbers on the report are really good.

CNS News is reporting the numbers today:

The Labor Department’s Bureau of Labor Statistics says a record 155,965,000 people were employed in July, the 11th record-breaker since President Trump took office 19 months ago.

“Our economy is soaring. Our jobs are booming. Factories are pouring back into our country, they coming from all over the world. We are defending our workers,” President Trump told a campaign rally in Pennsylvania on Thursday.

BLS said the economy added 157,000 jobs in July (compared with a revised 248,000 in June).

The unemployment rate edged down to 3.9 percent, as the number of employed people reached new heights, and the number of unemployed persons declined by 284,000 to 6,280,000 in July. 

Among the major worker groups, the unemployment rates for adult men (3.4 percent) and Whites (3.4 percent) declined in July. The jobless rates for adult women (3.7 percent), teenagers (13.1 percent), Blacks (6.6 percent), and Asians (3.1 percent), showed little or no change over the month. The unemployment rate for Hispanics hit a record low of 4.5 percent, down from last month’s record 4.6 percent.

There was also good news for wage-earners–in addition to the tax cut, hourly wages went up:

In July, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents to $27.05. Over the year, average hourly earnings have increased by 71 cents, or 2.7 percent.

This growth is the direct result of the policies of President Trump–the combination of deregulation, tax cuts, and domestic energy development has resulted in economic growth.

 

Laws Have Consequences

The tax reform bill is expected to boost America’s economy, but it is becoming that the ending of excessive government regulation is also spurring economic growth.

One America News is reporting today that the changes in fracking laws have not only resulted in lower energy costs for Americans, but have also led to increased interest in building power plants.

The article reports:

The shale boom caused an oil price crash in 2014 as many sought fields to produce natural gas.

Now, despite competition from solar and other alternative energy sources, electricity producers are building near natural gas sources to save on fuel.

These gas-fired power plants are capable of powering more than eight million homes each.

Invenergy and Calpine Corporation are among the companies building the plants, which are scheduled to be opened between 2018 and 2020.

Some critics speculate the shale boom will not last as discoveries of new reserves were the fewest on record in 2017.

Actions have consequences.