As Pelosi said, “we have to pass this bill so that you can find out what is in it.” Well, it’s still early, but we’re starting to find out. And it looks ugly. Publicly traded companies can’t hide, lie, and obfuscate bad news like the Democrats do, so Caterpillar announced a medical cost increase of at least $100 million in the first year alone. Deere and Verizon followed warning of a cost increase as a result of Obamacare. You can bet these announcements will be followed by more like them with consequent impact on employees and shareholders alike. See: WSJ’s Obamacare Day One, and Deer, Caterpillar: Health-Care Law to Raise Expenses.
But it’s not only public companies that will be effected. I spoke with a small Reno business owner about Obamacare impacts. This employer now provides healthcare to its 25 employees at significant expense and significant employee contribution. Under the new law, it will drop healthcare coverage and the employees can under the government insurance exchange obtain healthcare at approximately the same costs as they are contributing to the current group policy. Business profits improve, employees have the same expenses with the government subsidized insurance. Only the taxpayers lose.
Wait, that’s a gross understatement. Not only do the taxpayers lose now, but their children and grandchildren are saddled with staggering public debt and unfunded liabilities from Medicare, Medicaid, and Social Security. And now Obama has added a new, gigantic unfunded liability.
Thanks Nancy, we’re now starting to find out what’s in it!