Washington Examiner's Barone: Obamacare Redistributes Wealth

Monday, 25 Nov 2013 04:47 PM

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The Affordable Care Act has the young subsidizing the old, says Michael Barone, senior political analyst at The Washington Examiner.

"Obamacare redistributes income from the young, people who have negative net worth," Barone told "The Steve Malzberg Show" on Newsmax TV.

"They don't have more in the bank . . . than they do in debt, credit card debt, higher education debt, and so forth," he said Monday.

Story continues below video.



"They've got negative net worth, and it transfers it to people who are age 55 to 64, [whose] average net worth . . . is $884,000."

Barone, author of "Shaping Our Nation: How Surges of Migration Transformed America and Its Politics," said insurance should protect against "unusual, unlikely, and unwelcome" events.

"You don't insure your automobile for oil changes. You insure your automobile in case it gets totaled," Barone said.

See "The Steve Malzberg Show" on Newsmax TV each weekday live by clicking here now.



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