Sean Hackbarth reported late last week at the U.S. Chamber of Commerce that we could suffer the loss of up to a quarter of a million jobs, due to the ACA’s Health Insurance Tax:
Small businesses should brace for big health plan premium increases. Some are already seeing this happen. Rod Winter, a Wisconsin business owner told the Wall Street Journal:
Our 440-employee business just received its initial premium from United Healthcare for our July 1 renewal. The renewal premium represents a 29% increase over the current premium. UHC indicated that our premiums are going up 11% to bring our deductibles and out of pocket maximums in line with the provisions of the ACA. In other words, without the ACA, our premiums would be going up approximately 18%, not 29%.
New research finds that the added costs of one of Obamacare’s taxes will be brutal on employment.
More than half the expected job losses will come from small business — the once-vibrant heart of American entrepreneurship. Big business doesn’t exactly have it easy, either. General Electric, UPS, Dollar General, and Cognizant all reported lower-than-expected earnings last quarter, in part due to the “Affordable” Care Act. That means fewer opportunities for people looking to move up the corporate ladder, and fewer opportunities for entrepreneurs looking to build their own ladders, so to speak. The sound you hear is millions of doors being slammed shut by those who already have theirs — which is something you should keep in mind the next time you hear President Obama or any Democrat complaining about income inequality.
Also keep this in mind, courtesy of Jay Cost at the Weekly Standard:
Liberals claim the law is “working.” This omits the dozens of provisions that the president has suspended or delayed because they were not working—for budgetary or political reasons. The suspended or postponed provisions include the mandate that businesses cover full-time employees, the cancellation of noncompliant plans, and cuts to Medicare Advantage.
One can assume that, absent a Republican in the White House come 2017, the ACA’s suspended strictures will eventually come into force, denying us even more jobs and lost opportunities to live out our own American dreams.
As I said, we’re just getting started.