47 Million Americans Have No Health Insurance

The U.S. Census Bureau said Tuesday the number of Americans without health insurance rose 5% in 2006 to 15.8% of the population, or 47 million people. In 2005, the rate was 15.3% of the population or 45 million people. The 2006 number includes 8.7 million children, or 11.7% of the population under 18 years old. About 59.7% of the population received health insurance through an employer, vs. 60.2% in 2005. President Bush said his proposal to grant a tax deduction for health insurance would encourage people to buy coverage, and attacked a proposal by Congressional Democrats to raise taxes on cigarettes to fund health insurance for low-income children. He has threatened to veto extension of the State Children's Health Insurance Program. Like President Bush, Republican candidates Romney and Giuliani support tax deductions for health insurance, while Democrat candidates Obama and Edwards support extension of government programs to increase coverage. Senator Hillary Clinton will outline her approach to healthcare next month. An increase in spending due to tax breaks or increased government spending could boost revenue for the healthcare sector, which is already expected to benefit from the retirement of the baby boomers.

Sources: Press release, Bloomberg, Wall Street Journal
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