Denninger: That Didn't Take Long
From Karl Denninger:
From the forum:
"So I just got a call from my health insurance provider. My family rates are going up $200/month ... $2400/year per employee effective April 1st. Didn't take long after signing to get this s**t going.
So much for the "my plan will save Americans" $2500/year in Healthcare premiums.
F***ing liar in chief. "
Yes, this law will induce people to hire, it will improve health access, and it will be positive for the consumer, economy, stock market and spending.
The market rallies on for today, as I sit back and chuckle to myself... "I told you so."
Please, buy more stocks to drive the DOW, S&P, Nasdaq and Russell higher on the mythical economic "recovery" and mythical job gains that will take hold as employers, right here and now, four full years before the "benefits" show up for adults in this bill (those very same workers) get whammied for $2,400 per year in additional costs per employee.
PS: One way or another the employees will be paying every single penny of that cost. Either directly through lower wages (which will do great things for consumer spending and the economy) or indirectly as people are either laid off or not hired in the first place.
I suggest that each reader who is employed and currently has health insurance check with your human resources department about the immediate/near-term impact of Obamacare on your benefits package.
At BigDumbCo, we were told in December by one of the big dogs that passage of either the House or the Senate bill would gravely imperil the company's willingness to offer health insurance, due to the financial impact.
If that is true (and please check with your own management team), Team Freedom has a helluva recruiting opportunity coming up with the folks who didn't think Obamacare really mattered to them.