Sadly, some Americans face death when old policies lapse and can no longer pay for the care they need.

Overall, premium costs are rocketing, not because old coverage was inadequate or new coverage is better, but because the ACA created markets that are less competitive than before.

The ACA sought to create new, more effective markets in more than 3,000 cities and counties across America. This is proving an unworkable promise in a health care sector as large as the entire economy of France.

In many locales, owing to uncertainty about size and age characteristics of the new pools of customers to be served, the number of insurance companies participating has declined. Competitive pressures on insurers to negotiate favorable rates with hospitals and other facilities are greatly diminished.

These insurers are often quoting much higher rates, wholly frustrating the purpose of "bending the curve" as the president euphemistically refers to the ACA's efforts to halt the upward trajectory of health care costs.

The ACA is a bureaucratic nightmare and a bad trick played on most Americans.

Now the president lacks the trust and credibility to pursue important second-term initiatives like immigration reform, in my opinion.

The president has only his hubris to blame.

At the time of publication, the author had no position in any of the stocks mentioned.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Professor Peter Morici, of the Robert H. Smith School of Business at the University of Maryland, is a recognized expert on economic policy and international economics. Prior to joining the university, he served as director of the Office of Economics at the U.S. International Trade Commission. He is the author of 18 books and monographs and has published widely in leading public policy and business journals, including the Harvard Business Review and Foreign Policy. Morici has lectured and offered executive programs at more than 100 institutions, including Columbia University, the Harvard Business School and Oxford University. His views are frequently featured on CNN, CBS, BBC, FOX, ABC, CNBC, NPR, NPB and national broadcast networks around the world.

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