That 17.7% is by far the highest in the world, and nearly double the 9.3% average for the worlds industrialized nations. And its not the first time that the GDP health-care figure has plateaued. For an eight-year stretch in the 1990s, it never strayed from 13.6% to 13.7%, including three straight years at 13.6%. Its also unclear whether the stagnation in medical spending growth is due to a rocky economy or a containment of costs due to Obamacare. The president also said Americans now getting health coverage will get added benefits, and those who dont have it can comparison shop for it. Obama also said that premiums in New York will drop by half for some purchasing insurance in online marketplaces. But surveys from the Philly Fed and New York Fed show that a sizable number of employers, roughly 14%, will cut back on health care and/or employees in order to avoid being put under the presidents plan. And insurance experts are skeptical that low pricing in New York will spread to the rest of the country.
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Obama extols health care law amid public doubts
However, much of the money goes to employers who provide insurance and are required to use the money to benefit employees in some way. Meanwhile, Obama said lawmakers are “trying to make political hay” out of health care and should be worrying about fixing other problems the country faces. “Instead, we’re refighting these old battles,” Obama said. “Sometimes I just try to figure out why. Maybe they think it’s good politics, but part of our job here is not to always think about politics.” The problem isn’t politics, the Republicans counter. “The picture that the president paints of his health care law looks nothing like the reality facing struggling American families,” Boehner said in a statement responding to Obama’s event. “They know that the law is turning out to be a train wreck.” Obama said Americans saved $3.4 billion last year in lower premiums as a result of the efficiencies required by the law.
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Skepticism reigns before Obama addresses economy
You work part-time jobs to make sure you can eat.” Since Obama took office, the economy has grown at an annual rate of about 2 percent, said Gus Faucher, senior economist at PNC Financial Services Group. “Coming out of recession, we’d like to see greater growth than that,” he said. He added that since February 2010, jobs created by employers increased by 5.1 percent, “so it looks a little better on that metric.” However, 8.7 million jobs were lost from January 2008 through February 2010. Since then the economy added 6.5 million jobs, which is still 2.6 million jobs, or 1.6 percent, below its peak when Obama took office, he said. “Recoveries from recessions caused by a financial crisis, which we had, tend to be weaker than recessions caused by other factors. You had the financial system impaired, so that was one factor that held back the recovery,” Faucher said.
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