QUICK FACTS: Politics, News, Economy, Religion, History…for busy people!


Posted by FactReal on October 25, 2010

Here is quick summary of a great article from Human Events about ObamaCare:

  • ObamaCare is already causing a substantial increase in medical insurance premiums.
  • ObamaCare includes a hidden 3.8% sales tax on the sale of certain residential real estate and a burdensome IRS filing requirement on small business.
  • ObamaCare does not allow people to keep their preferred lower cost health care plans.
  • ObamaCare will also have a devastating impact on the spending power of working Americans and our economy as the higher premiums kick in. Example for a small company: For 2011, the premium for their coverage will increase 30% or $4,500. An employee earning $30,000 will pay $1,800 more for his health insurance. That is equivalent to a 6% pay cut for the average worker! The legislation will not allow him to keep his old policy at a lower cost.
  • The unintended consequence of the reduction in spending power on American workers is a shift in spending from non-medical consumption to medical consumption.
  • The employer will bear $2,700 of the increased premium per employee. That means the direct cost of his labor increases 7%! If the business has 100 employees, this will cost the business $270,000. This will lead to less job creation.
  • Companies are expecting premium costs per employee to skyrocket. This will further reduce the competitiveness of American labor. Companies will have less money to invest in their American businesses, thereby creating even fewer jobs.
  • Hidden in the bowels of the Health Care Reform Act is a 3.8% sales tax on home sales beginning in 2013.

>> Read the whole article: Here.

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