Former President Barack Obama promised the Affordable Care Act would bend “the cost curve and [start] to reduce costs for families, businesses, and government.” But his pledge has gone unfulfilled – patients and taxpayers are spending record amounts on healthcare.

This year, total healthcare spending will increase 5.3 percent, according to a recent estimate from the Centers for Medicare and Medicaid Services. That’s after spending rose by 4.6 percent last year to total $3.5 trillion.