27 Oct 2016

Obama: Health Insurance Premiums Could Fall By 3000 Percent

This happened years ago, but I missed it. Now this video is making the rounds for obvious reasons:

So it’s funny that critics are calling this a “lie,” when it’s so much more than that.

(I googled and apparently the White House said afterwards that Obama had misspoken, and meant to claim a \$3,000 reduction in premiums.)

I often defend people who say dumb things on camera, claiming that until you’re in front of a crowd, you don’t realize how sometimes your brain can freeze up. But on this one, I have to say–unless it was a mistake in a teleprompter and he was reading it–that this is D-U-M dumb. Even if someone absentmindedly says a price could drop 3,000% without catching himself or raising an eyebrow, that shows a gross ignorance of math and/or business.

For years I have not fully bought into the standard right-winger talking points that Obama was an empty suit, but I think I may have overestimated him.

7 Responses to “Obama: Health Insurance Premiums Could Fall By 3000 Percent”

1. Silas Barta says:

A lot of people operate under the “convention” (to put it optimistically) that, if X is 3000% greater than Y, then y is 3000% less than X.

I (obviously) don’t defend that usage, but it has some consistent logic to it.

• Bob Murphy says:

Silas right, like people saying the moon is 66% smaller than the Earth (or whatever).

• Brian says:

Financial advisor: Your initial \$100,000 investment went up by 50%, but then went down by 50% from there.
Client: Okay, I will just take my original \$100,000 investment back.
Advisor: Unfortunately, at our firm we use math. You have \$75k left.
Client: I prefer “consistent logic.”

2. Andrew Keen says:

Wow. Obama’s health insurance plan sounds a lot more lucrative than your IBC with whole life insurance, Bob.

3. Khodge says:

Algebra 101 for community activitists: Whatever number pops into your head is validity.

• Dexter Morgan says:

Al Khawarizmi would be horrified.

4. Yancey Ward says:

Well, Silas is correct. Obama is just lucky he isn’t a Republican, otherwise he would be the dumbest president in history.