This is the meme on the right wing media noise machine, joined in unison by the Left puritan, public-option-or-bust armchair activists. The claim is that President Obama's health reform has failed - FAILED - to contain the exploding cost of health care and health insurance. Never mind the pure absurdity of that argument being raised before the premium subsidies, exchanges and the individual mandate has a chance to take effect in 2014. The rah-rah yelling and screaming sensationalizes announcements from insurance companies of big raises in rates, but fail to correct the story-line when those same insurers pare down those rates.
That's happening right now, as both the Fox media empire on the Right and the Faux-gressives on the Left fail to tell you. Especially in cases where state regulators have started taking advantage of the new law's provisions that allow them to hold insurance companies accountable and ask for justifications of arbitrary rate hikes. California exercised that option, and here is the result:
WellPoint's Anthem Blue Cross unit in California has reduced its proposed rate increase [in the individual market] to an average of 9.1% from the previous proposal to an increase of 16.4%. Further, WellPoint’s new rate increase of 9.1% will go into effect on July 1, from the previously proposed April 1, and it will delay increases in deductible and co-pays until January 1, 2012.
Consequently, the decreased rate hike will save about $40 million, effecting about 600,000 individual and family policyholders in California.