At 10:00 p.m. Tuesday night, a historical tweet came from the @realDonaldTrump Twitter account confirming ObamaCare had been repealed and was just waiting for the final vote in the morning.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">The United States Senate just passed the biggest in history Tax Cut and Reform Bill. Terrible Individual Mandate (ObamaCare)Repealed. Goes to the House tomorrow morning for final vote. If approved, there will be a News Conference at The White House at approximately 1:00 P.M.</p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/943362605258813441?ref_src=twsrc%5Etfw">December 20, 2017</a></blockquote>
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The news of the repeal of ObamaCare is a major victory for Republicans and Americans alike after it was signed into law March 23, 2010. For seven years, low-income American's who didn't qualify for state healthcare were slapped with a $695 fine for not being able to afford health insurance.
The mandatory fine is just one deplorable aspect of the Obama-era act, while deductibles are increasing in cost, premiums are skyrocketing. This was after the Obama administration announced in 2016 that ObamaCare's premiums would increase by an average of 25 percent.
Former Treasury Department and Office of Management and Budget staffer J.T. Young described the issue with the act saying, "Successful economic endeavors do not need subsidies. Producers create a product consumers want to buy and realize a competitive rate of profit. Both sides gain and willingly enter into a transaction. Absent that mutually beneficial relationship, there is no market."
Young went on to say, "ObamaCare shows what occurs when government tries to enforce a market. By applying subsidies to one or both sides of the economic equation, its enforced market cannot exist without continued government subsidies in the short-term, and becomes unsustainable in the long-term as politics compounds subsidies' distortion."
Also in the tweet announcing the repeal of ObamaCare, the President confirmed The United States Senate just passed the biggest Tax Cut and Reform bill in history. The President also noted that if the vote is successful, there will be a news conference at The White House at 1:00 p.m. eastern.
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