The U.S. economy is in a "rut" and has been in stagnation since 1972, a Nobel Prize-winning economist told CNBC. Edmund Phelps said the U.S. government has run out of ideas about how to fix the economy. Many experts are predicting growth in the U.S. to hit levels of around 3 percent in 2014, but he said that was "a little on the optimistic side." "The reason business investment is weak is that investment has run into diminishing returns ... In the good old days we had innovation always creating new investment opportunities. So we were always countering diminishing returns," he said.
Aetna CEO Mark Bertolini told CNBC on Wednesday that Obamacare has failed to attract the uninsured, and he offered a scenario in which the insurance company could be forced to pull out of program. He said that so far, Obamacare has just shifted people who were insured in the individual market to the public exchanges where they could get a better deal on a subsidy for coverage. "We see only 11 percent of the population is actually people that were firmly uninsured that are now insured. So [it] didn't really eat into the uninsured population." read more