Obamacare will not be fully implemented until 2014, but it is already raising health insurance rates by double digits and causing increased unemployment.
Liberals like to call the law the Affordable Care Act, although that is not the official name of Public Law 111-148, which was HR 3590 in the 111th Congress. Ironically, the law -- by any name -- is on track to make health care much more unaffordable.
Politico states that, as a result of several provisions in Obamacare, health insurance premiums will increase by between 10% and 20%.
The Hill confirms that a study shows Obamacare will cause the cost of health insurance for a family to increase by about $720 a year.
And there's even worse news.
Breitbart reports that the Obamacare's requirement that employers with 50 or more full-time workers provide health insurance has prompted companies to slash jobs and workers' hours.
While opponents of the new law warned this could happen, the supporters of Obamacare dismissed this possibility. But that's exactly what is happening according to--get this!--President Obama's favorite economist, Democrat Mark Zandi (pictured).
"It will have a negative impact on job creation" in 2013, Mark Zandi, chief economist of Moody's Analytics, told USA Today.
According to the International Franchise Association:
31% of franchisees and 20% of franchisors plan to cut jobs to get under the 50-employee threshold. Some 64% of franchisors report the Act will create some significant uncertainty in long-term planning.
Health care reforms will create significant uncertainty in long-term planning for 71.6% of franchisee respondents, and 10.4% agreed with the statement: "We are no longer confident that our business model is profitable."
Another study by the Mercer consulting firm indicated that 51% of businesses which don't currently provide health insurance are planning to reduce their employees' hours to avoid triggering Obamacare's requirements and penalties.
That same survey found that 20% of businesses believe Obamacare will increase their costs by 5% or more. An additional 14% of firms think the new law will up their costs by 3% to 4%. And a full 29% of businesses don't know, creating hesitation in hiring.
Breitbart News provided an example:
Pennsylvania Community College of Allegheny County has already slashed the hours of 400 adjunct instructors, support staff, and part-time teachers to sidestep the Obamacare fines. Doing so will save the college an estimated $6 million.
Fox News reported that, as a result of the medical device tax contained in Obamacare, Stryker medical supply cut 1,170 jobs.
Newsmax found that other medical device manufacturers, including Boston Scientific, Dana Holding Corporation, Welch Allyn, Medtronic, Kinetic Concepts, and Smith & Nephew have each forecast the need to cut hundreds of jobs as a result of Obamacare.
The Huffington Post verified the devastating effects of Obamacare on employment through an interview with Zane Tankel, Chairman and CEO of Apple-Metro, which runs 40 Applebee's restaurants:
"We've calculated it will cost some millions of dollars across our system. So what does that say? That says we won't build more restaurants. We won't hire more people."
And the Heritage Foundation states that many workers will lose their current health insurance, as employers dump employees into the Obamacare insurance exchanges.
If Congress and the President don't agree to repeal, or at least substantially modify Obamacare, the law will likely have a major impact on the 2014 elections.
The previous issue of What's Happening with Seniors Benefits: Social Security Payroll Tax Returns to 6.2%
The previous issue What's Happening with Conservatives and the Tea Party: Speaker Boehner Hurt By Cliff Deal
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