The Affordable Care Act, more commonly known as Obamacare, has taken a toll on President Barack Obama’s standing in the polls. The latest Gallup poll now shows Obama’s approval rating at just 39%.
Here are seven Obamacare facts dragging down the president’s approval rating:
1. Obamacare will cost taxpayers $1.8 to $2.6 trillion over the next 10 years. Over the next decade, the Congressional Budget Office (CBO) estimates Obamacare will cost American taxpayers $1.798 trillion. The Republican Senate Budget Committee says CBO’s numbers rely on overly optimistic economic assumptions and puts the true cost at $2.6 trillion.
2. At least 3.5 million Americans have already received health insurance cancelation notices. According to data compiled by the Associated Press, 3.5 million Americans have received notices from their health insurance companies that their plans will be canceled due to Obamacare–something Obama explicitly promised would not occur. Worse, the Associated Press’s calculations are expected to rise, as they are based on data for just half of the states.
3. The now-infamous Obamacare website cost U.S. taxpayers over $1 billion to build. A Bloomberg analysis finds that the broken Obamacare website and its supporting IT infrastructure cost American taxpayers over $1 billion.
5. Tens of thousands of worker hours and jobs have already been cut due to Obamacare. Local stories of employers slashing jobs and worker hours have become common since Obamacare went into effect. As of Oct. 17, Investor’s Business Daily’s running Obamacare scorecard listed at least 351 employers who have cut jobs or hours in response to Obamacare.
6. Premiums will rise by 99% for young men and between 55% to 62% for young women. As CBS News has reported, an analysis by the Manhattan Institute finds that, despite the Affordable Care Act’s name, health insurance premiums will rise dramatically under Obamacare for young men and women–the individuals Obamacare relies on to fund coverage and subsidies for older, sicker Americans.
7. Obama promised no less than 23 times that “if you like your plan, you can keep your plan.” NY Magazine compiled 23 video clips of Obama promising that Obamacare would not result in Americans losing their current health care insurance.
President Barack Obama signed Obamacare into law on March 23, 2010.