Victor Davis Hanson‘s latest column at National Review Online explains why the Affordable Care Act is a particularly bad deal for the young people who offered President Obama so much support in 2008 and 2012.
Among these unanswered questions, the most disturbing pertain to the demand that millions of so-called Millennials must purchase health insurance — estimated at about $1,700 a year — that they will hardly use. Their premiums supposedly will subsidize older, in-need Americans who cannot pay the full costs of coverage that they will draw on frequently.
We forget that young people are already targeted for a number of government redistribution plans. Of America’s age cohorts, the under-30 bunch is the least likely to be employed, and the most likely to work at low-wage or part-time jobs.
Millennials already pay high payroll taxes for Social Security and Medicare coverage for the elderly. Yet most economists predict that both programs will soon prove insolvent and will not be able to extend the present level of benefits to young contributors when they retire.
We are currently in the greatest economic slowdown since the Great Depression. The now normal 7 percent unemployment hits the young especially hard. Their jobless rate typically ranges from two to three times higher than the national average. Requiring employers to provide Obamacare coverage will spike unemployment and, again, do the most harm to those who are just entering the workforce.
Young people in America owe in aggregate about $1 trillion in unpaid student loans. While some of their interest rates are subsidized, many are not and range from 5 percent to 9 percent at a time when mortgages can still be had for about 4 percent.
Is this the change for which they hoped?