The Affordable Care Act (ACA) or ObamaCare has been excellent for the healthcare industry as well as insuring 20 million Americans. Just look at the numbers: The S & P Healthcare Index is up 186% (compared to the broader S&P of 139%) since the ACA was enacted; doctor’s incomes have exceeded inflation; the top seven hospitals’ combined revenue went up by $4.5 billion per year after the ACA’s coverage expansions kicked in, a 15 percent jump in the first two years of the ACA; 35 pharmaceutical companies from 2000 to 2018 reported cumulative revenue of $11.5 trillion, gross profit of $8.6 trillion, EBITDA of $3.7 trillion, and net income of $1.9 trillion.
Employment in healthcare occupations increased by nearly 4 million since 2010 and is projected to grow 15 percent from 2019 to 2029, much faster than the average for all occupations, adding about 2.4 million new jobs according to the Bureau of Labor Statistics. In nearly every state the first or second largest employer is the healthcare industry. And Biden wants to build on that with a plan to insure more Americans and put more money in their pockets by reducing out of pocket expenses.
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