Latest ObamaCare Repeal Bill Would Burden States
September 22, 2017
Medicaid directors say that latest ObamaCare repeal bill would place massive burden on states; U.S. announces $700 million in aid for Syrians in war zone; U.S. household wealth rises $1.7 trillion, setting another record.
- Medicaid directors say that latest ObamaCare repeal bill would place massive burden on states. The National Association of Medicaid Directors (NAMD) told Republicans on Thursday that the Senate’s latest ObamaCare repeal bill would place a massive burden on states. The bill, sponsored by Sens. Lindsey Graham (R-S.C.) and Bill Cassidy (R-La.) would take away ObamaCare’s Medicaid expansion and subsidies beginning in 2020, replacing the open-ended funding with state block grants. NAMD said in a statement that the per-capita caps and the block grant would constitute the largest intergovernmental transfer of financial risk from the federal government to states in the country’s history. The NAMD, a coalition of Medicaid directors from every state, noted that while the proposal would create more flexibility, it does not provide the statutory reforms necessary “commensurate with proposed funding reductions.” The GOP bill would also require states to create their own healthcare programs by 2020, which the directors argue is a massive task. [The Hill]
- U.S. announces $700 million in aid for Syrians in war zone. The State Department announced on Thursday that the U.S. will be providing nearly $700 million in additional humanitarian aid for Syrians caught in the country’s civil war. The new funding is also intended to mitigate the impact of the crisis on governments and communities throughout the region. The aid announced on Thursday increases the total amount of money to Syria from the U.S. to more than $7 billion since 2012. About $516 million of the aid will be allocated toward assistance inside of Syria, while additional funding will be contributed to countries in the region and aid organizations. According to the United Nations, 5 million people have fled Syria and 6.3 million people are displaced inside the country as a result of the Syrian civil war, which began in 2011. [The Hill]
Economic Indicators & News
- U.S. household wealth rises $1.7 trillion, setting another record. In the second quarter, U.S. household wealth increased in the second quarter to a new record, driven by gains in financial assets and rising property values, according to Federal Reserve data on Thursday. The net worth for households and non-profit groups rose by $1.7 trillion quarter over quarter, of 1.8%, to $96.2 trillion. The value of financial assets, including stocks and pension fund holdings, went up by $1.2 trillion. Higher home values and record high equities propelled Americans’ net worth. Household real-estate assets rose by $508 billion, and owners’ equity as a share of total real-estate holdings up to 58.4% from 57.9%. [Bloomberg]