As Congress debates extending pandemic-era Affordable Care Act (ACA) premium subsidies, Cato’s Adam Michel exposes the program’s troubling costs. A permanent extension of the expanded subsidies would cost more than $488 billion over ten years while allowing households earning nearly $600,000 to receive subsidies.

Recent analysis reveals 6.4 million improper enrollees costing taxpayers $27 billion in 2025, with 11.7 million people filing zero claims. Since the ACA’s passage, health insurer stocks have surged 1,000 percent—four times S&P 500 growth.

Michel argues these temporary COVID measures shouldn’t become permanent entitlements. You can read his full analysis here.

If you’d like to speak with Michel, please reach out to Madison: mmiller@​cato.​org.