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Thursday, July 18, 2024
HomePolicyObamaCare Premium Increases To Hit 2/3 Of Small Businesses, 11 Million Workers Affected

ObamaCare Premium Increases To Hit 2/3 Of Small Businesses, 11 Million Workers Affected

According to a new report from the Centers for Medicaid and Medicare Services, ObamaCare premium increases are estimated to hit at least nearly two-thirds of small businesses, the single-biggest source of jobs for working American in the U.S. economy.

The federal actuarial report estimated that 65 percent of small businesses will see their health insurance premiums increases, particularly because of President Obama’s signature health law requires that premiums no longer be based on a person’s age. That has sent premiums higher for younger workers, negatively impacting at least 11 million workers, and lower for roughly 6 million older ones.

“This is another punch in the gut for Americans already struggling in the president’s economy,” Boehner said in a statement. “It’s clear why the administration sought to delay and deemphasize the release of this report. It undermines the central promise of the president’s health care law: affordable coverage.”

Essentially, ObamaCare is a redistributionist scheme that redirects monies to older, wealthier groups of individuals on the backs of the young and less-secure.

“These 11 million people who will see their premiums spike are 11 million more reasons to repeal this law and start over with common sense reform that will make care more affordable, not more costly.”

The National Association for Business Economics released a new policy survey of 230 members, which found 42 percent of business economist believed the health law would not have a significant impact on long-term economic grout, mainly because businesses will simply offset the costs associated with ObamaCare premium increases by cutting jobs.

The Congressional Budget Office released a devastating study concluding that ObamaCare will kill at least 2.3 million jobs. The administration had the same, small and insulting response they did when news broke that the individual health insurance market would be eliminated, downplaying the 2.5 million people as “a small percentage of the overall economy.”

In the NABE survey, nearly a third of business economists thought the negative economic impact of ObamaCare would and could not be avoided.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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