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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.

Navigate accordingly.

Larry Doyle

Isn’t  it time or overtime to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.

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.

  • Matt Cornell

    Hi Larry –

    On another topic, what’s your take on the sharp move down in Gold today? What the heck is going on? I have to tell you that for me personally, this volatility makes me even more scared to invest in anything. I just can’t believe that today’s freefall in Gold has anything to do with fundamentals. Is today’s move an early signal//warning sign of more to come (in other areas) down the road?

    Matt

    • LD

      Matt,

      I view gold not unlike Apple stock.

      When everybody is talking about it and how you have to get into it and then when people do get into it, the space gets very crowded. The “speculative” element gets shaken out in the process so that other longer term stronger hands can enter.

      This said, there could also be other factors at work here. Could some central banks be selling so as not to create a spike in gold along with the implementation of Japan’s QE program? Certainly possible.

      The story that people want out of gold so they can get into stocks strikes me as spurious.

  • Ed Pefferman

    Larry,
    Don’t you think people are getting tired of you trying
    blame Obama for all the maladies in the Healthcare
    Industry. You really do have a problem with him which
    is way out of proportion to reality.
    I see you only had one comment to your diatribe, and that
    was on the price of gold.
    Navigate accordingly, Larry

    • LD

      Ed,

      Sorry to see your name here once again adding little of value. It has actually been very nice not having to read your drivel.

      Obamacare was a bill of goods jammed down the nation’s throat under false pretense. You may not believe that but the above points delineate that in detail.

      Perhaps you may care to share your experience with Obamacare. Have you seen your premiums close to triple like I have?

      Add some value Ed. Gratuitous comments about my blog will end up in the trash can. Check the disclaimer. Rest assured, whether no people comment on my blogs or dozens, I will continue to speak my mind. My recommendation to you if you do not like what I write is “do not visit my blog.”

      Navigate accordingly.

  • http://www.marianfs.com Rick Johnson

    Larry,

    I recently wrote a health insurance case on a small 6 person group. $4,461 per month or $743 per month per employee. It has a $2,000 deductible. This was one of the most economical plans we could find with the big three carriers, Blue Cross & Blue Shield, Aetna and UnitedHealth Care. We looked at every single plan they offered and I mean every single plan.

    With a $2,000 deductible plan, the insurance company does not have much risk, except for the unexpected major illnesses. Looks to me like they are shoring up their balance sheets ahead of time. I cannot say that I blame them.

    I am hoping that when the Affordable Care Act (don’t make me laugh) kicks in January 1st, 2014, plus the fact that it is a re-election year, it will have an impact with voters. Especially after they feel the monetary effects of the ACA for 10 months before the election.

    Rick Johnson

  • http://www.recursocoral.com.ar/userinfo.php?uid=37982 Nathan Hall

    Wow, fantastic weblog layout! How long have you been running a blog for? you make blogging look easy. The overall look of your website is fantastic, as well as the content!.watch






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