Breakout

Sebelius Takes Fire for Obamacare’s Rocky Rollout, Here’s Why the Problems Won’t Stop

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"Never attempt to murder a man who is committing suicide," President Woodrow Wilson said nearly 100 years ago in the very same city where an investigation of sorts is currently underway into how the horrendous debut of the Affordable Care Act (aka Obamacare) was ever allowed to happen.

While Health and Human Services Secretary Kathleen Sebelius has taken responsibility for the rocky roll-out of the government's dysfunctional website, other skirmishes are already heating up in the background and look set to make their own way onto the nation's front page, and keep the President and his namesake program on their heels.

After failing dozens of times to legislatively kill Obamacare, some say the massive social program is now doing a better job at euthanizing itself.

Related: The Real Reason Obamacare Is a Disaster

"Republicans clearly lost the whole government shutdown debate battle, but now I think they can just step back and hold Congressional hearings and let the absolutely furious public take charge here," says Hank Smith, the chief investment officer at Haverford, in the attached video. "This thing could get much worse."

Smith says the unintended consequences have only just begun, after the glitch-filled website and reports that millions of Americans are indeed being forced out of health care plans that they like.

"The next one is, 'Affordable Health Care Act?', I don't think so," he says of the program's official name that conflicts with the reality where insurance premiums are going. "That's the next shoe to drop. This is not going to be a cost effective way of insuring an additional 10, 20, 30 million people," he says.

Only time will tell if, and to what degree, insurance premiums actually rise, early evidence suggests it could be by a lot. While that will not be welcome news to the average household, the fledgling program could prove to be a windfall for the health care industry.

For a market watcher like Smith, the latest round of health care battling is simply part of a broader narrative of big government and rising regulation.

"It's amazing the economy is growing," he says, in the face of a "regulatory smörgåsbor."

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