Supreme Court upholds healthcare law mandate (since it’s a tax)
Today, many insurance company executives are in mourning because the United States Supreme Court upheld Obamacare, including its mandate which requires for everyone who can afford it to buy insurance (or pay a tax). Since the Congress has the constitutional authority to tax, the healthcare mandate was upheld.
For decades, the health insurance industry has thrived on finding new ways to bilk hard-working Americans more while providing less coverage, and now with the validation of the Affordable Care Act, the Supreme Court has taken away the big motivating factor which made health insurance executives get out of bed in the morning.
Now, the insurance companies will get complacent, and stop innovating. Hopefully, the same thing won’t happen to the banks and other financial products and services.