Brian Blase gives 14 reason to do so, including:
CBO projected that the ARP increased federal spending on subsidies by about $17,000 for every person newly insured. The reason: nearly 75% of the new spending is for people who already have coverage and largely replaces private spending with government spending. Of note, these estimates are likely too low given the new CBO report that the expanded subsidies cost 50% more in 2022 than CBO originally projected.
A terrible product:
Obamacare caused individual market premiums to double in just the first four years for coverage with high deductibles that was accepted by relatively few doctors and hospitals. The law spawned adverse selection by allowing people to wait until they needed medical care to purchase coverage, an incentive that has been strengthened by the Biden administration’s actions to make it easier for people to enroll in coverage at any time during the year.
And of low value to the beneficiaries:
A recent economics study found consumers value the subsidies at less than half of their cost.