Keeping up with the serial failures of Obamacare is getting to be a full time job. Well, at least someone’s getting a full time job out of this catastrophe. CBS News reports reports what everyone with a lick of common sense already knows (but that would rule out the White House and most of Congress): Obamacare is having a chilling effect on hiring:
HealthCare.gov may be functioning better, but consumer and corporate acceptance of Obamacare may continue to bedevil the law, according to two recent surveys.
The Duke University/CFO Magazine Global Business Outlook survey, a quarterly poll of corporate finance chiefs, found that a significant percentage of companies will hold back on hiring full-time workers because of the impact of the Affordable Care Act.
Nearly half of U.S. companies said they are reluctant to hire full-time employees because of the law. One in five respondents said they are likely to hire fewer employees, another one in 10 may lay off current employees and 44 percent of companies said they will consider reducing health benefits to current employees in response to the health care law.
“I doubt the advocates of this legislation would have foretold the negative impact on employment,” said Campbell R. Harvey, a professor of finance at Duke’s Fuqua School of Business. “The impact on the real economy is massive. Nearly one-third of firms may either terminate employees or hire fewer people in the future as a direct result of ACA.”
Scott has already drawn our attention to the continuing administrative improvisations of the last few days, but even the New York Times is starting to notice that something isn’t working according to plan:
Many in New York’s professional and cultural elite have long supported President Obama’s health care plan. But now, to their surprise, thousands of writers, opera singers, music teachers, photographers, doctors, lawyers and others are learning that their health insurance plans are being canceled and they may have to pay more to get comparable coverage, if they can find it.
They are part of an unusual, informal health insurance system that has developed in New York, in which independent practitioners were able to get lower insurance rates through group plans, typically set up by their professional associations or chambers of commerce. That allowed them to avoid the sky-high rates in New York’s individual insurance market, historically among the most expensive in the country.
But under the Affordable Care Act, they will be treated as individuals, responsible for their own insurance policies. For many of them, that is likely to mean they will no longer have access to a wide network of doctors and a range of plans tailored to their needs. And many of them are finding that if they want to keep their premiums from rising, they will have to accept higher deductible and co-pay costs or inferior coverage.
In pondering the case of the overwhelmingly pro-Obama New York “artistic and professional community,” I’m reminded of H.L. Mencken’s remark that “Democracy is the theory that the common people know what they want—and deserve to get it good and hard.”
Oh, and let’s not overlook Obama-loving California either:
An estimated seven out of every 10 physicians in deep-blue California are rebelling against the state’s Obamacare health insurance exchange and won’t participate, the head of the state’s largest medical association said.
It’s epic fail all the way down.