NEW REPORT HIGHLIGHTS THE FAILURE OF SOCIALIZED MEDICINE
Told you so …
Years ago, we warned that U.S. President Barack Obama‘s socialized medicine monstrosity was going to be disastrous for the American economy – a theme we reiterated last fall (HERE and HERE).
Crazy, right? Who’d have thought hundreds of billions in new taxes and additional government spending for “free” health care was going to be problematic, right?
Well guess what … it’s official: Obamacare is disastrous for the economy.
In a new report issued by the Philadelphia Federal Reserve, small business owners were asked to answer “qualitative questions about the effects of the Affordable Care Act (ACA) and how, if at all, they are making changes to their employment and compensation, including benefits.”
The news is not good … assuming you were hoping for good news. If bad news was your desire, though, prepare for unbridled euphoria.
By a whopping 6-to-1 margin (18.2 percent to 3.0 percent), businesses said they employed fewer as opposed to more workers than when the law was implemented – data that includes a surge in part-time workers (firms reported employing more as opposed to fewer part-time positions by a 12-to-1 clip – 18.2 percent to 1.5 percent).
Higher health care costs are being passed on to consumers, too – with 28.8 percent of companies reporting higher prices resulting from Obamacare compared to 71.2 percent reporting no change in prices. Precisely zero companies reported lower costs.
Are more people covered? Nope. Only 17.6 percent of firms reported covering more employees, while 14.7 percent said they were covering fewer employees and 67.6 percent reported no change in the number of employees covered.
Of course by overwhelming majorities, businesses said that their employees had higher premiums (88.2 percent), deductibles (91.2 percent), out-of-pocket maximums (76.5 percent), and copays (64.7 percent).
Oh and one more statistic … 41.2 percent of companies said they were offering a lower range of medical coverage compared to only 2.9 percent of companies that said they were offering a higher range of coverage.
Ouch, ouch, ouch, ouch OUCH.
So … was there anything in the Philly Fed report that was positive for Obamacare?
Gee,I bet without Obamacare,these “small businesses “would just be EAGER to give their employees healthcare!
Many couldn’t have afforded to and now since they have to whether they can afford it or not will go under, reduce their work force or make the majority of their work force part time.
Thats a shame!
One would think one wouldnt open a “small business” in such circumstances,yet every day people do.
I wonder why?
On the often daft hope that they can survive the over reaching burden of the Gubamint. Might explain why 56% of all new businesses will fail within four years. http://smallbiztrends.com/2005/07/business-failure-rates-highest-in.html
Nice comeback,but no cigar.
No,you RightWingers have been pumping this out for fifty years or more,how the government is destroying “small businesses”(while continually expanding the definition of such,is Boeing now a “small business?)
The truth is,all your well known handwringing aside?Anyone who thinks he can make a buck in a “business” will GO FOR IT,big bad gubmint,Obamacare, and RightWing apocalyptic talk notwithstanding.
Been going on for years and will continue to.Some will succeed,some wont.Nothing new.
Sure like to see who it is that’s defining Boeing as a small business or is that just hyperbole? No disagreement that anyone who thinks they can make a buck will go for it, I’ve done it a couple of times myself. First try ended badly as the result of the rising cost of labor and a lack of capital, second time was my own choice due to a pending deployment and a slow down in the housing business. There’s no way I’d start a construction company today, just personnel associated costs and regulation associated costs scare me.
Sure like to see who it is that’s defining Boeing as a small business or is that just hyperbole?
What’s your yearly profit, and equity cutoff for a “small business?”
For the first time ever since documented in the US this year, more businesses are failing in the US than are being created.
A bad omen….
It’s always been roughly a fifty fifty prospect, right now it’s more like sixty forty to fail within four years. Lots of reasons businesses fail from inept owners to gubamint interference, that’s always been the case. What’s new is the intentional keeping of the business below certain levels and the move to more and more part time or contact employees.
More guns will fix that.
They open small businesses because they lost their jobs.
They open small businesses because they bought the “American Dream” bullshit.
Under BO, it has turned to BS.
Small Business should be defined by total assets, yearly profit, and number of employees… and none of that creative accounting and interlocking directorship crap, either.
We could put millions of Americans back to work by allowing Small Business tax breaks like computer and car, while at the same time removing corporate welfare, and knocking a few percent off the tax breaks of GE and hedge funds.
We’ve become absurd in our lionization of the fat bastards that fucked up our economy… sure – fuck the politicians… but why make those greedy motherfuckers our role models, and make sacraments out of their destruction of America at the same time?
Yes, in six years Obama has personally destroyed the American dream. Even though the Stock Market is a record highs, the cost of capital is at record lows, taxes are at 50 year lows, and large corporations are making record profits. Somehow amid all that Obama managed to destroy America in six years. It is truly an amazing feat.
No, but they would be willing to give them jobs.
Supply side Jesus wouldn’t like that.
Nobody that qualified for the “expanded” Medicaid in states(the majority of Obamacare sign-ups in most states) can find a doctor that will take it. They are still having to use the emergency rooms.
Not enough doctors.Obamacare failed the people it was supposed to help and destroyed the middle-class and small business.
They are still having to use the emergency rooms.
Yay Reagan! Bankrupt those fucking greedy hospital thugs!
They’ll eventually have no choice but to mandate it for doctors, like Canada…although it’s done a weird way…like outlawing paying cash for many routine services.
Control/fiat is the only way for them to try to implement a short term workable plan.
“Told you so” …yeah right…You were Obama’s biggest enemy pre-election day 2012…NOT!!!!
Pure Liberal in FITS. If the truth Slaps the P!$$ out of you…just deny it…and act as if you were leading the parade the other way…I’m the MoFo who DID tell you, only to be attacked as the most-hated poster on this site.
Your intellectual dishonesty is surpassed only by your immaturity, in thinking anyone with any sense will believe you…
Man, I know you type better with your dick, but please, dear God, try and keep your nuts away from the shift key…
Spoken like a true Dumb@$$…who really has nothing to say, but you are so full of hate, you have to say something. Good job showing us who you are.
I know there are lies, damn lies and statistics but, with 18% against vs. 3% for– what about the other minority of 79%. Just curious.
78.8% reported no change in the number of workers they employ. 78.8% no change + 3.0% more workers = 81.8% reporting that the ACA has not negatively affected them.
6-to-1 margin? Bullshit, it’s a 4-1 margin, and the other fucking way around.
Bullshit, figures don’t lie but liars figure, just like the lying Obama figure of $2,500 savings.
In a ‘recovery’ when the 79% should be hiring they’re standing still.
I say pass single payer and leave insurance to sell supplementary services. Single payer can be paid via taxation by and given to all citizens working 32 hours or more combined per week.
No more getting dropped on a technicality and dying on the street to save an insurance company a few thou. No more employer deciding what medicines their “religion” tells them to deny you. No more forcing the people to frantically find an employer that will give them insurance, or sign up on Medicaid if they can’t, if they can even do that.
Our system makes no sense, it is absolutely fucked up. As much as the ACA tries to fix problems, it unfortunately further cements that shitty solution in place.
The car needs a new engine, not a tube of J-B Weld and an oil change.
Probably need a whole new car.
All cars have wheels and an engine… why can’t we agree on a steering wheel, brakes, turn signals, windshield and automatic transmission?
Some people prefer manual. Limiting choices limits freedom.
choice for no reason is wasteful
ACA = BS.
So, now, I have to pay 4k EACH person deductible, per fucking year. I’m putting $200/month in HSA and the insurance is STILL about $200/month just for me an wifey.
How is that better?
Please tell me you are not bitching because you have to pay $200 a month to insure you and your wife. That is nuts. That is cheap insurance.
Oh it gets better, I just found out today that if you are a small business owner, with 2% or more of share control(which is all small business owners), you are going to be taxed on your insurance payments as if it’s income. Probably won’t happen this year because of the filing amendments required, but it’s written into the law that way so they’ll either have to amend(doubtful) or ignore it for this year’s filings.
So once again, small business owners get the shaft…it’s getting to the point where it’s almost better to be employed by someone else.
You want to know the real job killer, it is the state not accepting Medicaid expansion. In Alabama it is expected that 16,000 health care jobs will be lost because they didn’t do it. In SC small rural hospitals will be closing because they can’t continue to treat patients without any compensation– but they can’t turn them away. Normal business can turn “non payers” away, community hospitals can’t. My question for you that hate the ACA (Obamacare for you dumbasses) so bad, what do you propose? You really should hate the problem and not the messenger.
You could ask the same business owners whether Obama Apple Pie was a disaster for the economy and they would answer yes. What a phony headline.
you’re kidding right? this is dumber than usual. do more people in the US have coverage than before? answer: yes. why do you care if the coverage is coming from their employers? the idea of employer sponsored healthcare was retarded to begin with and nothing to do with the imaginary free market you venerate.
Why do you fucking people always have pissing contests on stupid shit? Y’all fail to advance the debate beyond the superficial and snark about inane arguments which serves only to keep you ignorant.
The truth of healthcare, besides rocket shot rises in premiums and the doubling or tripling of deductibles, is the Federal government is broke. The Balanced Budget Act of 1997 caps Graduate Medical Education funding from Medicaid’s budget at 1996 levels. Twenty years later and the passage of ACA, analysts predict primary care physician and specialist shortages to exceed 130,000 by 2015.
For you people in Irmo, residency programs funded by Medicaid are turning away medical school graduates. The Budget Act of 2011 cut funding even more. Teaching hospitals pick up the funding for about 10,000 positions annually where 75% of funding comes from the axed budgets for Medicaid Services. Last year, more than 43,000 students applied to the nation’s medical schools. Only 42 percent of them got in — the lowest acceptance rate in more than a decade. Out of the number of graduates — 18,200 last year, only 10,000 are in a federal funded 3-7 year residency in a teaching hospital.
So even if you pay out the nose for insurance coverage, chances are you will not find a primary care physician when you need one. With acute funding shortages and no desire in Congress to cut entitlement spending, hospitals have shifted resources away from primary-care training programs to specialty and sub-specialty residence programs, despite incentives built in to Medicare’s payment formula that are meant to discourage excessive sub-specialization. As a result, only 30 percent of U.S. physicians are primary care doctors today, compared with 50 percent in 1961.