An encouraging expansion in private insurance coverage.
Many Republican voters were disappointed last year when U.S. Sen. John McCain of Arizona broke a campaign promise and scuttled efforts to repeal ObamaCare. This in turn made it extremely difficult for President Trump to keep his campaign promise to replace his predecessor’s health law with something beautiful. Now suddenly the health insurance market is looking much prettier.
Instead of a full repeal of ObamaCare in 2017, Mr. Trump was able to kill only the law’s requirement that individuals purchase health insurance. He did this via a provision in the tax cut legislation he enacted in December. But while many people didn’t realize it at the time, it turns out that Mr. Trump has been helping to improve an important source of insurance coverage since virtually the moment he took office.
By prioritizing economic growth and reducing the tax and regulatory burdens on U.S. business, Mr. Trump has helped to create an economy with more job openings than ever before. As if by magic, the invisible hand of a freer marketplace is now generating new benefits as employers compete to fill all those open positions.
The Journal recently reported:
- For the first time in six years, the share of U.S. workers offered health insurance through their employer has risen, a sign a tighter labor market is prompting businesses to offer more generous benefits.
- In March, 69% of private-sector employees were offered medical benefits from their employer, according to an annual survey the Labor Department released Friday. That’s up from 67% in 2017, and the first time the rate has increased since 2012…
“It’s likely tied to today’s strong labor market,” said Andrew Chamberlain, an economist at recruiting site Glassdoor. “With workers in a stronger bargaining position and employers doing whatever they can to attract scarce talent.” - Imagine that—an expansion of insurance coverage without a new federal program. It seems that in order to persuade workers to supply enough labor to meet business demand, companies are increasing overall compensation via expanded benefits. Amazing!
Some readers will no doubt view this as the most beautiful reform of all, because it doesn’t cost the Treasury a nickel. Mr. Trump’s burgeoning reform is also superior to that of his predecessor because it has not required Mr. Trump to perpetrate a consumer fraud on millions of patients by misleading them about changes to their health insurance plans and the future availability of their doctors.