More evidence that Obamacare is turning the U.S. workforce into a part-time workforce.
The graphs are damning. The consequence of this shift is that the U.S. will increasingly be unable to compete in the global market. In addition, incomes and prosperity will shrink.
Finding out what’s in it: The cost of complying with Obamacare is forcing insurance companies to abandon many state markets.
In February 2010, a month before passage of the law, Obama explained at a bipartisan health care summit at the Blair House, “What we’ve said is that if you join one of these exchanges, you will have choice and you will have competition. You will have a menu of private insurance options that you’ll be able to purchase.”
Increasing the number of insurance options for individuals was one of the key ways in which Obama claimed the law would be able to drive down insurance costs. But with less than 70 days before the exchanges are set to open, large insurers are pulling out of states as a result of the health care law, resulting in less choice for consumers, not more.
This is exactly what happened in New York in 1992 when the state legislature passed a law with many of the same components as Obamacare. Insurance companies fled the state, and premiums went up.
If only all bills were this lacking in details: Congress fiercely divided over completely blank bill that says and does nothing.
A blank piece of legislation that says nothing, does nothing, and contains no text whatsoever has been the source of heated debate in Washington this week, and has sharply divided Congress along partisan lines, Beltway sources confirmed Thursday. Known as S.0000, the bill, which doesn’t have sponsors, co-sponsors, or an author, has reportedly drawn starkly contrasting opinions from legislators in both the Senate and House of Representatives, and has paved the way for a major legislative battle in coming months.
Read the whole thing. It accurately captures the reality of present day Washington, with the Democrats pounding the table for this bill and the Republicans pounding the table against it.
Finding out what’s in it: A GAO report has found that heath insurance premiums will skyrocket next year when Obamacare takes effect.
Starting next year, a 30 year-old earning $35,000 per year would have to pay $2,739 annually for a cheap “bronze plan” on the new health insurance exchanges, even after receiving subsidies, according to the Kaiser Family Foundation’s subsidy calculator. That’s more expensive than any state in the current system, and seven times more expensive than in the cheapest state, Nebraska, where premiums are currently as low as $349 annually.
Even an otherwise comparable 30 year-old earning $25,000 next year, who would qualify for more generous Obamacare subsidies, would have to pay $1,142 annually for a “bronze plan.” That’s still more expensive than current cheap rates in 45 states, and double the current cost in 19 states.
The article has a fascinating table outlining the minimum cost for healthcare in all fifty states. Not surprisingly, in the states that have Obamacare-type regulations, such as Massachusetts and New York, the cost for heathcare is far higher.
Success! A government program only wastes $4.4 billion out of a projected waste of $19.1 billion.
What a half-century of Democratic Party rule gets you: Detroit today filed for bankruptcy, the largest city in U.S. history to do so.
Though I personally dislike Democratic Party policies and think they accelerated this disaster, the real problem was a willingness of voters to accept the idea of one-party rule. Not once during those fifty-one years of continuous and disastrous Democratic Party rule did Detroit voters even once consider the idea of firing these guys to give someone else a shot at running the city.
The Washington Post admits that most of the Democratic claims that sequestration would cause disaster were either outright lies or a gross exaggeration.
I said it then that they were lying about the consequence of sequestration. I say now that they will be lying again when the the next sequestration cuts arrive in October.
I suspect you could cut the federal budget by at least one third, bringing the numbers back to what they were about ten years ago, and not notice any loss of service.
Congress passes a law: The toxic combination of Obamacare and the proposed Senate immigration bill would create a big financial incentive for employers to hire non-citizens.
Under Obamacare, businesses with over 50 workers that employ American citizens without offering them qualifying health insurance could be subject to fines of up to $3,000 per worker. But because newly legalized immigrants wouldn’t be eligible for subsidies on the Obamacare exchanges until after they become citizens – at least 13 years under the Senate bill – businesses could avoid such fines by hiring the new immigrants instead.
Not surprisingly, the idiots who voted for this immigration bill haven’t read it and have no idea this problem exists.
Coming soon to a blue state near you! Detroit announces that it will default on its debt today.
The City currently faces approximately $17 billion in total liabilities. Detroit is insolvent and cannot meet its financial obligations without a significant restructuring.
It is important to note that Detroit has been run exclusively by Democrats for about a half century. Thus, this bankruptcy is an entirely partisan event, supported by voters who blindly insisted on one-party rule, and never questioned the incompetence or corruption of that Democratic Party.
And please, don’t argue with me by mentioning examples where Republicans screwed up. They have their own lock on stupidity, corruption, and failure. The point here, however, is to recognize that the failure in Detroit, as well as all of the recent other cities that have gone bankrupt, is because of decades of liberal Democratic rule, where money got funneled to unionized city employees at the expense of the taxpayers, with no regard to cost or affordability.
And if you doubt me, read this history of Detroit’s last fifty years.
Finding out what’s in it: According to Ohio’s Insurance Department, Obamacare will cause healthcare rates to rise next year by 88 percent.
What are the drivers of the increase? According to Milliman, the two biggest drivers are (1) risk pool composition changes, such as forcing the young to subsidize the old, and the healthy to subsidize the sick; and (2) Obamacare’s required expansion of insurance benefits, particularly its mandated reductions in deductibles and co-pays.
This is a significant concept to understand. Some people have the impression that the main reason that rates are going up under Obamacare is because of the law’s requirement that insurers cover people with pre-existing conditions. But that accounts for only a fraction—around a quarter—of the rate hike. The rest comes from all the other things that Obamacare does, such as forcing people to buy richer insurance benefits; to buy products with all sorts of add-ons they might not need; to pay Obamacare’s premium tax; and to pay a lot more, if they’re young, to subsidize older individuals.
In other words, you won’t be able to buy the plan you want. Obamacare forces you to buy a more expensive plan, even if you don’t need it.
The day of reckoning looms: A new report from Social Security has raised its predicted unfunded liabilities over the next 75 years by one trillion dollars, for a total of $9.6 trillion.
According to the report, “Through the end of 2087, the combined funds [OASI and DI] have a present-value unfunded obligation of $9.6 trillion.” That is “$1.0 trillion more than the measured level of $8.6 trillion a year ago,” states the report, in reference to the data available for 2011. That $9.6 trillion shortfall equals approximately $83,894 per household based on the Census Bureau’s latest estimate that there are 114,430,000 households in the country.
The report also looks farther into the future and saw the shortfall rise to $23 trillion.
Doing the work of the Democratic Party: After warning repeatedly last year that the sequester would damage the economy, NBC now says “Nevermind.”
It wasn’t just NBC. I can’t count the number of news sources and politicians that screamed “We’re all gonna die!” because sequestration was going to cut the federal budget a mere few percent. I said it then and I say it now: They were lying.
That news organizations participated in this lie however was particularly shameful. It didn’t take much research or thought to realize that these were lies. For NBC and other mainstream news organizations to not do that research tells us a great deal about how unreliable they are.
And by the way, remember the long lines threatened at the airports due to sequestration? We had those for about one day, and then things returned to normal. More evidence that it was all lying crap coming from this administration, forced upon travelers to make some dishonest political points, which were further aided and abetted by a lapdog press.
