Affordable Care Act of 2010: Why ACA 2010 Will Fail

Why ACA 2010 Will Fail
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Why ACA 2010 Will Fail
The Affordable Care Act commonly referred to as the Obamacare was passed into law in 2010 was aimed at expanding insurance coverage to the millions of American low-income earners. Accessing insurance coverage services means getting access to healthcare services. President Trump vowed to abolish the Act and replace it with something better that can benefit the Americans. Despite the political threat, the Act will fail based on business and economic reasons.
From an economic perspective, the functioning of humans and institutions is based on incentives. This perspective is also seen as a solution to social problems. However, from a legal perspective, it is believed that complex problems can only be solved by imposing strict regulations and laws. The latter is the case with ACA. The Act took away all the incentives that are required for improved medical services. Despite the fact that it aimed at reducing the costs of accessing medical services, the costs of the primary resources for offering medical services w...