Federal Reserve Branch Bank Concludes Obamacare a Disaster for Businesses

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

When President Obama promoted the Affordable Care Act several years ago, he made 10 blanket promises that have all been proven to be either false, or outright lies.

Promise #1: “If you like your health care plan, you’ll be able to keep your health care plan, period.”

Promise #2: “That means that no matter how we reform health care, we will keep this promise to the American people: If you like your doctor, you will be able to keep your doctor, period.”

Promise #3: “In an Obama administration, we’ll lower premiums by up to $2,500 for a typical family per year.”

Promise #4: “For the 85 and 90 percent of Americans who already have health insurance, this thing’s already happened. And their only impact is that their insurance is stronger, better and more secure than it was before. Full stop. That’s it. They don’t have to worry about anything else.”

Promise #5: “Under my plan, no family making less than $250,000 a year will see any form of tax increase.”

Promise #6: “I will not sign a plan that adds one dime to our deficits—either now or in the future.”

Promise #7: “[W]hatever ideas exist in terms of bending the cost curve and starting to reduce costs for families, businesses, and government, those elements are in this bill.”

Promise #8: “I will protect Medicare.”

Promise #9: “I will sign a universal health care bill into law by the end of my first term as president that will cover every American.”

Promise #10: “So this law means more choice, more competition, lower costs for millions of Americans.”

In the four years since it was put into law, Obamacare has been revealed to be one of the most draconian, restrictive, and as the Philadelphia Fed shows, disastrous pieces of legislation ever imposed upon businesses and the American people.  And while most Americans knew that the current healthcare system was broken under government run programs such as medicare, and privately run insurance schemes known as HMO’s, the full nationalization of healthcare will forever change the relationships between Dr. and patient, and businesses and employees.