House Republicans created a report card for ObamaCare 90 days in, cataloguing the failing grades the bill received on issues like costs to families, job creation, and deficit reduction.
Office furniture maker Steelcase Inc. has reported a first quarter ObamaCare charge of $11.4 million. The charge results from the health-care overhaul’s removal of a tax break for providing prescription drug coverage to retirees.
A small-business owner writes that, with 16 full-time employees averaging $40,000 in annual wages, his share of the small-business tax-credit promised under ObamaCare would be … $0. But his business would become eligible for the tax-credit if he starts cutting his employees’ wages or laying them off.
Looking at the problems ObamaCare is likely to cause for the federal budget and American businesses and families, repealing it is far from impossible. Other unpopular or ill-conceived health care measures have been repealed in the recent past before their enactment. “President Barack Obama’s signatures on the Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Reconciliation Act do not end the national debate on federal control of health care. The debate merely enters a new and perhaps even more difficult and divisive phase. Based on current revelations and previous experience, this continuing debate gives Congress ample justification to repeal Obamacare. At the very least, Congress can dismantle or defund its damaging provisions.”
The federal government has finalized the specific changes employers are allowed to make to their insurance plans to still remain “grandfathered” and exempt from ObamaCare’s new restrictions. Accordingly, the Internal Revenue Service, Department of Health and Human Services, and Department of Labor estimate that 51% of all employers will lose their “grandfathered” status because of small changes they make to their health insurance plans and be subject to the full force of ObamaCare’s coverage restrictions by 2013.
With the Medicare chief actuary predicting that ObamaCare would cause overall health-care costs to rise, with an Obama administration study predicting that perhaps a majority of private employers would be forced to change and/or drop their health plans, and with the CBO estimating that ObamaCare would cost $115 billion more than previously predicted, even government sources seem to be confirming that Congress did indeed “have to pass the bill” for the fog to lift so that Americans could “find out what was in it.”
From the reality sinking in that there would be a strong financial incentive under ObamaCare for businesses to stop providing health insurance, to the administration’s own estimate that recently drawn-up draft regulations could cause over 100 million Americans to lose their coverage, it is becoming obvious to more and more Americans that ObamaCare is nothing like its Democratic proponents promised it would be.
When drafting ObamaCare, Congress left the decision of how to manage the transition for current plans to meet the new Washington-approved health care mandates up to the Administration. The Department of Health and Human Services has issued new rules, which will require many firms to drop their current coverage to comply. “Although President Obama and many Democrats promised during the health care reform debate that ‘if you like your health plan, you can keep it,’ the health insurance plans that are now offered by small businesses probably will not survive the transition to a regulated marketplace.
A one-page chart examining all of the different ways ObamaCare’s employer mandate (free rider provision) will negatively affect hiring decisions of businesses at the margins.
AT&T is reporting that it will take a $1 billion accounting charge as a result of an ObamaCare provision that changes the way in which Medicare prescription drug subsidies are taxed – and the company says the overhaul may cause it to cut current and retired workers’ health-care benefits.