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Wednesday, March 24, 2010

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.



Anonymous Anonymous said...

what makes you think your rate increase was directly related to the bill. Knowing how insurance companies operation, the increase was in the works for some time and has little or nothing to do with the bill.

Before you go on about the health care plan, consider that the majority of Amercian support it.

March 24, 2010 at 7:35 PM  
Anonymous Anonymous said...

When all of us who still have a job and still have a healthcare plan start seeing these kinds of increases, would you expect the outrage level to increase, decrease, or stay about the same?

Another trend may begin soon. People who cannot afford health insurance will do without it. People who cannot afford to be without health insurance will be the only ones who still have to try and carry it. When that happens, the percentage of policies with claims (outgo) will go up and the percentage of policies without claims (income) will go down. This creates a downward spiral where the insurance companies must raise premiums in order to cover claims. As they raise premiums, more people will drop coverage. Repeat.

In days to come, Louise Slaughter and Steny Hoyer may sit down at the piano like Archie and Edith Bunker to reminisce about the days when only their windows were being targeted.


March 25, 2010 at 2:51 AM  
Anonymous Anonymous said...

Thank GOD the Health Care bill passed. No more gNOp death panels, and no more paying for people who DON'T have insurance.


"Mission Accomplished."

March 25, 2010 at 3:24 AM  
Blogger kenlowder said...

Anon #1 asked "what makes you think your rate increase was directly related to the bill." How about common sense? If insurance companies are now required to cover pre-existing illness and removal of lifetime caps where do you think the money to fund these added cost is going to come from? This idiot then added "Before you go on about the health care plan, consider that the majority of Amercian support it." Maybe on planet moonbeam but 70% of americans told their "representatives" in congress NO!

Anon #3 said "and no more paying for people who DON'T have insurance." If I'm paying for your insurance I'm paying for your health care.

Ken Lowder

March 26, 2010 at 12:45 PM  

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