Obamacare: 12 “Scary” Assessments
Posted by Larry Doyle on April 15, 2013 9:32 AM |
How is Obamacare treating you so far?
Are you experiencing any of the maladies highlighted in a recent review by Investor Business Daily that projects that Obamascare will lead to the following:
1. Boost insurance costs.
2. Push millions off employer coverage: In February, the Congressional Budget Office said that 7 million will likely lose their employer coverage thanks to ObamaCare — nearly twice its previous estimate. That number could be as high as 20 million, the CBO says.
3.Cause premiums to skyrocket:
In December, state insurance commissioners warned Obama administration officials that the law’s market regulations would likely cause “rate shocks,” particularly for younger, healthier people forced by ObamaCare to subsidize premiums for those who are older and sicker.
4.Cost people their jobs: The Federal Reserve’s March beige book on economic activity noted that businesses “cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff.”
5. Around the same time, Gallup reported a surge in part-time work in advance of ObamaCare’s employer mandate.
6. Meanwhile, human resources consulting firm Adecco found that half of the small businesses it surveyed in January either plan to cut their workforce, not hire new workers, or shift to part-time or temporary help because of ObamaCare.
7.Tax the middle class: IBD reported in February that much of the $800 billion in tax hikes imposed by ObamaCare will end up hitting the middle class,
8. Add to the deficit: The Government Accountability Office reported in January that Obama-Care will likely add $6.2 trillion in red ink over 75 years if independent experts are right and several of its cost control measures don’t work as advertised.
9. Cost more than promised: The Congressional Budget Office now says ObamaCare’s insurance subsidies will cost $233 billion more over the next decade than it thought last year.
10. Be a bureaucratic nightmare: Consumers got their first glimpse of life under ObamaCare when the Health and Human Services Department released a draft insurance application form. It runs 21 pages. “Applying for benefits under President Barack Obama’s health care overhaul could be as daunting as doing your taxes,” the AP concluded after reviewing the form.
11. Exacerbate doctor shortages: Last summer, a study by the Association of American Medical Colleges found that the country will have 62,900 fewer doctors than its needs by 2015, thanks in large part to ObamaCare. At the same time, a survey of 13,000 doctors by the Physicians Foundation found that almost 60% of doctors say ObamaCare has made them less optimistic about the future of health care and they would retire today if they could.
12. Leave millions uninsured: After 10 years, ObamaCare will still leave 30 million without coverage, according to the CBO. As IBD reported, that figure could be much higher if the law causes premiums to spike and encourages people to drop coverage despite the law’s mandate.
I thank the regular reader who brought this story to my attention.
Would love to hear from people across the political spectrum not merely what they think about Obamacare but what they are ACTUALLY experiencing.
I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.