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
Support for the Affordable Care Act has plummeted since late last summer, and people with employer-based health insurance say they increasingly are paying more for out-of-pocket medical expenses, a new Bankrate.com survey released Wednesday revealed. When Bankrate.com first polled people in September -- right before the launch of Obamacare insurance exchanges, there was an even split between those who said they would repeal the Affordable Care Act if given the power to do so and those who would keep it: 46 percent each. (The rest either had no opinion or didn't know how they felt.) But three months later, after the botched launch of those government-run exchanges, the number of people who said they would gut Obamacare had risen to 48 percent, while the number of respondents who said they would keep it as law had plunged to 38 percent. read more