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McCain and Obama's Insurance Plans: Economists Perspectives
The verdict is in for Senator Barack Obama and Senator John McCain's health insurance reform plan: Neither will work. Top economists reviewed each health insurance proposal and had matching conclusions that neither Democratic candidate Senator Obama nor Republican candidate Senator McCain's plan will do any good for Americans, reported the Associated Press and The Washington Times.
Economists estimate that, under McCain's reform plan, about 20 million workers would be edged out of the employer based health insurance system. McCain's plan encourages individual health insurance to be purchased across state line, resulting in 21 million being able to get coverage.
The critique says that the $2500-$5000 tax credits that McCain will provide will not offer savings because when the premiums increase and coverage is lowered, Americans won't be able to get ahead. Economists basically concluded that McCain's plan would not help reduce the uninsured Americans numbers.
They didn't have any better things to say about Senator Obama's plan. Two of the three economists grading Obama's plan were McCain advisors, so it was pretty tough. According to Obama's critique, his proposal would be very costly for the government and hasten health inflation.
It would also result in pay cuts or job loss. We are not experts, but the reports do seem a bit cynical.
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