Your ♡bamaCare!!! Fail of the Day [PM Edition]
Megan McArdle looked at the people who are actually buying insurance on the new exchanges and concludes:
The positive way to look at this is to note that the number of uninsured people who had purchased insurance increased dramatically by February:
The negative way to look at this is to note that, even so, the majority of activity in the market comes from the previously insured, who are mostly replacing prior coverage.
Or we could conclude that ♡bamaCare!!! causes people to lose their coverage, then takes credit for selling them new, and often worse coverage. Megan adds:
Worse, the number of previously insured people who had not enrolled in a qualified health plan by the end of February was almost twice the number of previously uninsured people who had. That's the opposite of the effect this law was supposed to have.
And that's still looking at the law in isolation, without taking into account it's external unintended consequences on the labor market and economic growth.
That Means It's Working™.