Yet Another ObamaCare “Success” . . .
. . . this time, courtesy of the CBO.
The CBO has analyzed the economic impact of ObamaCare over the next decade. And the results are in.
Obviously, it’s a rousing success.
I mean, we all know just how “overheated” the economy has been the past few years, right? Isn’t pretty much every employer out there attempting to hire more employees – and failing because they can’t find them? Isn’t the US civilian labor participation rate at an all-time high? Isn’t underemployment virtually unknown? Isn’t inflation threatening to spiral out of control?
But it’s ObamaCare to the rescue! By 2025, the effects of ObamaCare are projected to remove the equivalent of 2 million jobs from the US economy! That will certainly cool things down,won’t it? Hurrah! We’re saved.
Yes, the above was sarcasm. All of it is bullsh!t.
Well, all of it was bullsh!t except the “remove the equivalent of 2 million jobs” part. Because that’s exactly what the CBO is now projecting ObamaCare will do by 2025 – remove the equivalent in labor hours of 2 million jobs from the US workforce.
It’s pretty much what everyone with two or three working brain cells predicted a priori. The law gives employers a disincentive to hire full-time workers; ObamaCare subsidies gives people an incentive to quit working or reduce their hours. The results are entirely predictable – and were indeed predicted ahead of time by many.
And for that “wonderful” outcome, we can thank the clueless fools and tools running the show in DC in 2009 majority in Congress and the Administration in power in 2009. Anyone remember who those were?
Category: "The Floggings Will Continue Until Morale Improves", "Your Tax Dollars At Work", Health Care debate
Too bad that the link is a Fox News link. No one will pay attention if only because of that.
Holden
This is excellent news! An equivalent of 2 million jobs will be lost?!
This just means more people will be able to pursue their interests – like paining, writing, or learning how to play the guitar!
//sarc//
“painting” (dammit)
I’d say those who pursued forcing ObamaCare on the American public (“we have to pass the bill to see what’s in it”) were pursuing “paining” at the time. But not their own “paining” – just everyone that pays taxes.
AND those who pissed (*OOPS*, passed) 0bamacare on us saw to it that they themselves are exempt from it!
Actually, since 1 Jan 2014 they’re not exempt. Since then Congress and their staffs have been required to use ObamaCare exchanges to obtain their healthcare vice participating in FEHB (which all other Federal employees can do) if they’re not otherwise covered as required by law. They do receive a subsidy – just like virtually anyone else who participates in an employer-sponsered insurance plan.
Yeah, but they also got a very favorable ruling that worked in their favor regarding the size of “their business” if I recall correctly. I would almost guarantee you that they are not paying upwards of $10,000 family annual deductibles for shitty coverage.
True, GDC. But prior to the passage of ObamaCare, as Federal employees Congress and their staff were eligible to sign up for group insurance through a group plan (more precisely, a number of different group plans) subsidized by their employer, the Federal government, called the FEHB Program. That program is on a par with most private insurance programs offered through employers in terms of cost, coverage, and employee/employer costs.
In short, they already had a vehicle to sign up for the required coverage – like most working for a med-sized business or larger or any other governmental entity. IMO it was purely a political stunt to require them to use the ObamaCare exchanges, which are designed to insure individuals who aren’t offered covered through their employer.
I did the research months ago and read the source docs. Today however, I offer you the results of a quick search:
Yep. And as Federal employees, under FEHB (which all other Federal employees are eligible to use) they’d have been eligible for an large subsidy on their health insurance through the employer-paid part paid by the Federal government (75% max, 72% on average). For industry, I’ve seen figures indicating the average employer cost-share is closer to 80% paid by the employer.
This is one area where I can honestly say that Members of Congress and their staffs are IMO getting the short end of the stick – particularly their staffs. They had what appears to have been a far better deal before the 2014 requirement to use ObamaCare exchanges was imposed. Those are designed to offer insurance to those whose employers did not (or who were self-employed). They suck.
And the kicker is, I’d bet dollars to donuts that continuing to let them use FEHB would have cost the Federal government less.
There’s a special part of Hell reserved for Nancy Pelosi. A part normally reserved for child molesters and people who talk in the theater…
Don’t forget her partner in this crime “Dingy” Harry Reid…
Growing the Plantation of Dependency.
My spouse lost his job two months ago, but since we still have a small core of our CPA practice, we technically can insure ourselves. It will only cost me 28k/year!! So, he and I can work 80 hours a week rebuilding the business, with a paycheck that might cover the mortgage or (cough) health insurance. #Epicfail
It used to cost me 6k per year. I get absolutely no benefit until I pay the deductible. AKA “high Deductible”!!!
PS– anyone who needs a really awesome dude who is the jack of all deal making, and structuring, plus a CPA who is experienced in NFP, and REIT, Estate Tax etc….PS…we are cheaper than HR Block for taxes!!
And the best part is that you’ll be fined by the government for not maintaining that overpriced health insurance. That oughta fix your finances right up!
Defend USA. I hope my post below might help you. BTW, from what I saw you post earlier, I had a remarkably similar elbow injury to your spouse not long ago. Yeah, the insurance I had purchased via the exchange did exactly jack shit. I have since become a star client at the neighborhood chiropractor. Yesterday he shot 2 followup x-rays of my elbow and didn’t even charge me. There are more affordable alternatives out there for health maintenance, treatment, and insurance.
This is the Glorious Leader’s legacy.
They wanted change? They got it! 🙄
I purchased insurance through the national exchange last year ($9000 annual deductible bullshit). About a month ago, I started receiving robo-call from them every fooking day. Also, I get an email from them every day. They seem to be concerned that I need to re-enlist by the Dec. 15 deadline.
But that ain’t happenin.
I bought family coverage for year 2016 through a “health share organization” which, from what I understand, is a legal “faith based” option to purchasing insurance in a pool obligated to fund abortions to crack heads.
The company I went with is called Liberty Health Share and I found out about it from one of my customers who is an MD. She said that in her practice she has a growing number of patients that have “health share” coverage instead of traditional health insurance.
//disclosure
Guys- trust me… I am not on Liberty’s payroll or commission. I am just putting out the info in the hope that it might help someone while screwing Obamacare.
Thanks for that, GDC. We’ve looked at a couple of other health-share plans, but hadn’t heard of that one.
So glad I don’t have to face this crap any more. I can do my own things. I do not envy people whose lives have been or are being turned into financial disasters by this mess.
Well, here in Houston almost all the biggies have deleted their PPO options so you have to get an HMO – which doesn’t help or when you are traveling (Humana reversed their stand and for a price will have a PPO plan.) But for all you cancer patients… the best cancer treatment facilities are acknowledged to be in Houston (MD Anderson et al)-are NOT on the plans. Blue Cross says Obamacare cost them $400 MILLION last year and they can’t sustain it. So if you get cancer on Obamacare in TX…whatever treatment you are going to get will not be the best.
And HR is letting us know all about the wonderful extra paperwork and forms we’re going to be hit with come 2016.
Can’t file taxes until you fill those forms out too. Now how much you wanna bet those forms won’t be available in paper form, let alone electronically, until sometime in March?
Well…my health insurance went from about $750/yr with a $1,000 deductible for essentially catastrophic insurance to $4,000 with a $5,000 deductible and I had to get a new doctor, dentist and optometrist. Thanks Obama!!
Worse insurance for more money. Sounds about right