Each month, branch banks for the Federal Reserve send out questionnaires and surveys to businesses as a way to test the climate of the economy. In the month of August, the Philadelphia branch asked businesses what the full extend and effect so far from the new Affordable Healthcare Act (Obamacare) was, and the responses they received were a disaster. In the majority of responses, businesses either let go of employees to adjust to the higher costs imposed upon them by the Federal government, moved full time employees to part time status, or, changed benefit plans so that employees would be forced to pay more towards their premiums.
What the survey found was very disturbing: not only did businesses report that as a result of Obamacare the number of workers they employ is lower than higher (18.2% vs 3.0%), that there has been an increase in part time jobs (18.2% higher vs 1.5% lower), leading to a big increase in outsourcing and most importantly, Obamacare costs are being largely passed on to customers (28.8% reporting higher vs 0.0% lower), the punchline was that while there is basically no change in the number of employees covered (17.6% higher vs 14.7% lower and 67.6% unchanged), there has been a big jump in Premiums, Deductibles, Out-of-pocket maximums, and Copays, which has been ‘matched’ by a far greater reduction in the range of medical coverage and the size of the network.
In short a disaster. – Zerohedge
This post was published at The Daily Sheeple on August 24th, 2014
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