During the botched rollout of the Affordable Care Act, it’s been hard to defend the law, much less to call it “great.” But great it is — for the American economy and for the American people, rich ones included.
The program has already succeeded in one of its key backbreaking missions: to curb the exploding costs of health care. The president’s Council of Economic Advisers issued a report this month containing lots of good news on that front.
Since Obamacare was passed in 2010, the growth in health care spending has slowed to the lowest rate on record for any three-year period since 1965. “If half the recent slowdown in spending can be sustained,” the report says, “health care spending a decade from now will be about $1,400 per person lower than if growth returned to its 2000-2007 trend.”