PRESIDENT BARACK OBAMA: Today, we've seen a dramatic slowdown in the rising cost of health care. If your family gets your health care through your employer, premiums are rising at a rate tied for the lowest on record. What this means for the economy is staggering. If we hadn't taken this on, and premiums had kept growing at the rate they did in the last decade, the average premium for family coverage today would be $1,800 higher than they are. That's $1,800 you don't have to pay out of our pocket or see vanish from your paycheck. That's like a $1,800 tax cut. And because the insurance marketplaces we created encourage insurers to compete for your business, in many of the cities that have announced next year's premiums, something important is happening β premiums are actually falling. One expert said it's like βdefying the law of physics.β But we're getting it done. That's progress we can be proud of.
We're covering more people, too. In just the last year, we've reduced the share of uninsured Americans by 26%. That means one in four uninsured Americans β about 10 million people β have gained the financial security of health insurance in less than one year. And for young entrepreneurs like many of you here today, the fact that you can compare and buy affordable plans in the marketplaces frees you up to strike out on your own and chase that new idea β something I hope will unleash new ideas and new enterprises across the country.
Meanwhile, partly because health care prices have been growing at the slowest rate in nearly half a century, the growth in what health care costs the government is down, too. The independent, nonpartisan Congressional Budget Office recently reported that in 2020, Medicare and Medicaid will cost us $188 billion less than projected just four years ago. Here's what that means in layman's terms. Health care has long been the single biggest driver of America's future deficits. Health care is now the single biggest factor driving those deficits down.