Rob Schofield: 'Big, beautiful bill' will bankrupt and kill North Carolinians - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Health/Employee Benefits News
Newswires RSS Get our newsletter
Order Prints
July 18, 2025 Newswires
Share
Share
Post
Email

Rob Schofield: 'Big, beautiful bill' will bankrupt and kill North Carolinians

Staff WriterThe Daily Reflector

These are fraught times in the United States. Elected leaders are racing headfirst down some treacherous and uncharted paths, and at such a moment, it's easy to lose perspective and get carried away with "sky is falling" hyperbole.

And yet, it's also undeniably true that some of the changes coming to the American social contract as a result of President Trump's so-called "big, beautiful bill" are the most extreme in U.S. history. The new law will, for instance, slash hundreds of billions of dollars in federal appropriations for Medicaid health insurance and SNAP food assistance.

Nearly 12 million people across the nation and hundreds of thousands in North Carolina are projected to lose their health insurance over the coming years. Meanwhile, as North Carolina's food banks explained in a recent urgent plea, the SNAP food assistance that will be cut by almost $200 billion over the next decade provides more than 2 billion meals each year to the 1.2 million North Carolinians classified as "food insecure."

The proponents of the legislation allege that it will merely root out "waste, fraud and abuse" in these programs, but as even North Carolina's Republican senior senator, Thom Tillis, has made plain, that's just not so.

A report from his office estimates North Carolina will lose $32 billion in Medicaid funds over the next decade and the notion that the state's health care system could somehow absorb such a hit without dramatically reducing coverage and care is beyond absurd. As the senator said prior to voting against the bill, "So what do I tell 663,000 people (people who've gained Medicaid coverage in recent years as the result of the bipartisan expansion law passed in 2023) in two years or three years, when President Trump breaks his promise by pushing them off of Medicaid because the funding is not there anymore?"

And so it is that a huge number of people are quite understandably terrified about what the future holds — both for their own personal financial wellbeing and, indeed, for their life expectancy as the new law takes effect.

This fact was powerfully exemplified last week at a press event in Raleigh at which Wake County Democratic state Senator Jay Chaudhuri spoke alongside a pair of local women who explained how their lives have been dramatically transformed for the better by Medicaid.

Maddie Wertenberg is a Wake County mom who told the story of her son Oliver's premature birth at which he weighed less than a pound. Wertenberg and her husband had private health insurance when Oliver was born, but even with that, they would still have been left with a crippling and life-altering share of the $1.2 million bill his five-month hospital stay ran up.

Fortunately for them, Oliver's tiny size — she described him as a "nano-preemie" — qualified as a disability for Medicaid purposes and their family's financial future was rescued as a result.

"Medicaid changed my family's life," Wertenberg said.

Wertenberg's gratitude for Medicaid was echoed by a lifetime Raleigh resident named Crystal Upchurch. She explained how she was diagnosed with lupus in 2009 and how that disease ultimately led to a serious renal condition that requires her to receive regular dialysis treatments — treatments that are, thankfully, covered by Medicaid. As she explained, her ability to continue receiving dialysis treatment is quite literally a life and death matter.

"I can't say it more clearly than this: These cuts could cost me my life," Upchurch observed.

Similar stories will no doubt abound when it comes to hunger and nutrition. Unless state and local governments somehow find hundreds of billions of dollars to fill the gap caused by the SNAP cuts, food assistance will quickly dry up for millions. This is especially worrisome given the fact that huge numbers of children gain eligibility for free school meals by virtue of their family's enrollment in SNAP.

Of course, many proponents of Trump's big bill will tell you they have no intention of cutting off people like Maddie, Crystal and hungry school children. Unfortunately, when experts run the numbers, such arguments are quickly exposed as simply not credible.

Like it or not, the massive Medicaid cuts contained in the legislation will, in fact, make it inevitable that vast numbers of people with stories very similar to Maddie's and Crystal's will be sentenced to crippling debt and/or premature death. After all, that's what happened in North Carolina during the years GOP lawmakers delayed Medicaid expansion, and the new cuts make a return to those days all but inevitable.

Similarly, the SNAP cuts will cause hundreds of thousands of food-insecure people to fall deeper into the abyss of hunger and poverty.

Given this reality, it's no wonder that so many people already living on the edge are experiencing one of the worst immediate impacts of the mega-bill's passage: simple terror over what their future holds.

And the utter cruelty involved in intentionally giving rise to such a situation is almost impossible to overstate.

Older

Trump’s new attack on Powell for stifling the housing market: "Lower rates, ‘Tardy’!"

Newer

Pritzker seeks more regulatory authority over homeowners insurance business

Advisor News

  • Two lessons career changers wish they knew before starting the CFP journey
  • Americans less confident about retirement as worries grow
  • 6 in 10 Americans struggle with financial decisions
  • Trump bets his tax cuts will please Las Vegas voters on his swing West
  • Lifetime income is the missing link to global retirement security
More Advisor News

Annuity News

  • CareScout Joins Ensight™ Intelligent Quote LTC & Life Marketplace
  • Axonic Insurance Annuities, Built for Banks, Broker-Dealers and RIAs, Now Available through WealthVest.
  • Allianz Life Adds New Accumulation-Focused Fixed Index Annuities
  • Allianz Life adds new accumulation-focused FIAs
  • Industry objects to ‘tone and tenor’ of draft NAIC Annuity Buyer’s Guide
More Annuity News

Health/Employee Benefits News

  • Union County received $225K refund for health care claim surplus
  • Georgia Dems decry steep drop in ACA enrollment
  • How to make a high-deductible health plan work for you
  • Molina Healthcare Inc. (NYSE: MOH) Sees Notable Increase in Thursday Morning Market Activity
  • Private Medicare plans get a break
More Health/Employee Benefits News

Life Insurance News

  • SBLI Enhances its OmniTrak Term to Deliver Faster Decisions, More Client Coverage, and Improved Pricing
  • Life insurance premium surges, but coverage is still falling short for many
  • Allianz Life Study Finds Fear Of Running Out of Money Over Death At Record High
  • AM Best Affirms Credit Ratings of The Tokio Marine and Nichido Fire Insurance Company (China) Limited
  • CMFG Life Insurance Company Trademark Application for “ADVANTEDGE ANALYTICS” Filed: CMFG Life Insurance Company
More Life Insurance News

- Presented By -

Top Read Stories

More Top Read Stories >

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Protectors Vegas Arrives Nov 9th - 11th
1,000+ attendees. 150+ speakers. Join the largest event in life & annuities this November.

A FIA Cap That Stays Locked
CapLock™ from Oceanview locks the cap at issue for 5 or 7 years. No resets. Just clarity.

Aim higher with Ascend annuities
Fixed, fixed-indexed, registered index-linked and advisory annuities to help you go above and beyond

Unlock the Future of Index-Linked Solutions
Join industry leaders shaping next-gen index strategies, distribution, and innovation.

Leveraging Underwriting Innovations
See how Pacific Life’s approach to life insurance underwriting can give you a competitive edge.

Bring a Real FIA Case. Leave Ready to Close.
A practical working session for agents who want a clearer, repeatable sales process.

Press Releases

  • RFP #T01325
  • RFP #T01325
  • RFP #T01825
  • RFP #T01825
  • RFP #T01525
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet