Wondering why the unemployment rate has been near or above 8 percent for nearly four years? The Federal Reserve has an answer for you: Obamacare.
Sally Pipes
Forbes
3/18/2013
Earlier this month, the Fed released its latest “beige book” – a monthly report on economic conditions across the country. The book noted that employers across the country have “cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff.”
The more businesses learn about the president’s health reform law, the more they’re coming to realize that “affordable care” is the last thing it will provide. And that’s in large part due to the multibillion-dollar tax that Obamacare is set to levy on health insurance companies.
Starting next year, insurance companies will have to remit $8 billion to the federal treasury. The tax climbs to $11.3 billion in 2015 and 2016, to $13.9 billion in 2017, and to $14.3 billion thereafter.
Insurance companies will pay based on their share of industry revenues in a given year — the more revenue, the bigger the hit.
And although insurers are responsible for paying it, there’s no question that the tax will “be largely passed through to consumers in the form of higher premiums for private coverage,” as the non-partisan Congressional Budget Office put it.
How much will premiums go up? …
The article continues at Forbes.
Also by the author, Why Are The Democrats Attacking The Only Successful Part Of Medicare
Update: Cavuto: What’s Happening in Cyprus Is Just Like Obamacare’s 3.8% Home Sales Tax
Update 2: Another Obamacare Surprise: Job-Killing Fees
A hidden Obamacare provision could bury US businesses under a large new health care fee. According to the WSJ, the Affordable Care Act will charge employers an extra $63 for each person they insure. This tax will raise $25 billion dollars from companies and other providers over the next three years. As we’ve come to expect from the bill that we had to pass so we could find out what was in it, businesses had no idea this was coming…
…Obamacare sets up a health care economy of criss-crossing dollars where the real costs of premium increases are hidden by the complexity of a system of subsidies and counter-subsidies…
Also, Americans will Curse Obama for Obamacare
