This morning, I had a brief conversation with my father concerning the reopening of Obamacare’s open enrollment and the website being as broken as ever. Two issues concerning the people around me were brought up, bringing the travesty that is Obamacare ever closer to home.
- Mike’s Pharmacy, an independently owned pharmacy owned by a really nice guy named Mike that my family has been depending on for our prescribed drugs for the last several years has been forced to close down today due to massive debt brought on by Obamacare.
- One of my father’s own employees has had her health insurance canceled for the third time due to Obamacare. And she’s not exactly financially stable to begin with.
This scares me, especially when considering that only 15-20% of Obamacare’s policies have been implemented.
My father owns his own independent podiatry (foot doctor) clinic, and it has been pretty successful ever since his father started the business in the 80s. But now, with forced implementation of Obamacare’s policies, it has been forcing him and his employees to do all sorts of unnecessary stuff, pay astronomically more money to the government, and suck out even more precious time from his schedule that he could be spending with his family. This hurts even more when his own healthcare provider is constantly double-crossing him.
Over the past few years, in fact, just this year alone, Americans all over our once-great nation have had their insurance premiums go up drastically under Obamacare, leaving them downright broke. Despite President Obama’s promises that premiums for Obamacare would go down $2500, they have gone up over $3000 for the average family.
Obamacare has been bumping off practically every small, non-federally-owned insurance provider, as well as some of America’s largest insurance providers, leaving us with a government near-monopoly of health insurance provision. And thanks to this, the prices of health insurance have been skyrocketing. This blatantly contradicts President Obama’s promise of “If you like your health care plan, you can keep your health care plan.” In fact, with each year between 2016 and 2024, an additional 6-7 million people will no longer have employment-based insurance coverage.
And, as I stated earlier, it is cracking down on and trying to wipe out small, independently owned businesses. But even bigger businesses aren’t safe, as Obamacare’s policies continue to force innumerable businesses across the country to cut hours, reduce wages, and slow hiring. Small businesses with 20-99 employees will have to reduce what they pay their workers by $22.6 billion every year. Employees who work for these small businesses lose between $827.50-$935 every year. Businesses will have to pay additional costs of $4800-$5900 per employee. It doesn’t just reduce workers’ pay – it outright puts them out of work. One out of every ten small businesses is reducing hiring to stay under the 50-employee threshold. In fact, companies like these are hiring more part-time workers to avoid Obamacare’s penalties and save money. By 2024, Obamacare will be responsible for the loss of 2.5 million jobs. While the White House responded by saying that Obamacare cutting employee hours is entirely because of workers choosing to work less, the reality is this: Obamacare provides subsidies that decline with rising income, and increase with falling income. The less money Americans make, the more they get from the government. This means that Obamacare is providing incentives for people to flat-out refuse to work. People who actually do work can lose hundreds or thousands of dollars in health insurance subsidies. For every dollar Americans earn per hour, at least fifty cents is taken away from every dollar given to them by Obamacare.
And then there’s the ridiculous tax burdens. Marginal taxes will increase by five percentage points of employee compensation, lowering the return from working by over ten percent and reduce the labor supply by five percent. This is already devastating, as the labor force participation rate is at its lowest since 1978 – only 62.8%. Fewer workers mean fewer taxpayers, meaning damningly higher taxes.
It has failed to deliver on its promises, and will continue to make the future for myself and millions of Americans look much more bleak.
And guess what? Even most Americans that live below the poverty line are not eligible to sign up! I was able to talk with a fellow American that lives below the poverty line, and he confirmed that he and his family were not eligible!
The harm that Obamacare does to employers and employees alike is flagrantly obvious, and it’s only going to get worse as time goes on. If we want an actually functioning let alone strong and maintainable labor markets, there’s no other choice but to repeal and replace Obamacare.
Did you know that the last country that tried to create a single-payer health insurance system of Obamacare’s size and scale was Nazi Germany?
I think the first bad sign was the fact that its jaw-dropping number of regulations fill over thirty thousand pages.