BAM 223 Assignment 1

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School

California Coast University *

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BAM 223

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Economics

Date

Jan 9, 2024

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docx

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Uploaded by ChancellorWombatMaster894

BAM 223 - Principles of Economics Writing Assignment #2 Question #1: In what ways do economists and policymakers—those who believe that market-based reforms are the key to improving the health care system—criticize the Patient Protection and Affordable Care Act (ACA)? In 2010, Then President, Barack Obama signed the Affordable Care Act intending to provide healthcare services for every American. This law required that Americans should receive affordable health insurance coverage. In the same way, the law protected consumers from tactics used by insurance companies that may restrict care or drive up the patient's costs (Hubbard & O'Brien, 2019). However, since Obama signed this law, many economists and policymakers have challenged its existence with criticism on how it affects the economy of the country and the general health of the citizens. Economists and policymakers criticize Patient Protection and the ACA, arguing that it fails to deal with the issue of health care cost growth (Hubbard O'Brien, 2019). The two major problems in the American health care system are access and cost. The cost issue is, however, largely ignored, while access is more prioritized. Economists argue that the law has no meaningful cost control strategies. The ACA has affected job incentives by introducing tax credit requirements (Hubbard O'Brien, 2019). Employer penalties have discouraged small businesses from hiring more full-time employees to avoid payment of extra health insurance.

These kinds of requirements restrict full-time employment for most of the population, which harms economic growth. They also argue that healthcare is not a public good that the government should supply, which works against the ACA (Hubbard O'Brien, 2019). Some services such as vaccinations may require government intervention because it is for the positive externalities. Economists argue people who lack healthcare coverage can easily be excluded from acquiring it (Hubbard O'Brien, 2019). Additionally, they insist the ACA prevents medical facilities from developing more services. The ACA and Patient Protection have increased the tax burden since the taxpayers are forced to pay for the healthcare of other people. economists argue that the healthier patients and younger adults have been impelled to take on tax penalty of individual mandate than to buy coverage on health insurance exchanges because of high prices that have left payers with the pool of sicker and older populations. To sum up, the concerns presented by economists and policymakers present reasonable suggestions that should be considered as the country continues to implement the Affordable Care Act. These suggestions could bring improvements to the health care system in the United States. References: Hubbard, R. Glenn. O'Brien, Anthony Patrick. Essentials of Economics. 6 th ed. New York, NY: Pearson Education, 2019.

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