Barack Obama, blame game, Costs, Obamacare, premiums, Taxes, Walmart
The fallout from Obamacare continues, as Walmart becomes the latest corporation to eliminate healthcare coverage for 30,000 part-time workers and increasing premiums paid by full-time employees by 19% effective February 2015.
The cheapest healthcare plan offered by Walmart will increase from $3.50 to $21.90 per paycheck.
If a retail empire built on low prices can’t find a way around ObamaCare’s added costs, we are all doomed.
The world’s biggest retailer announced this week that its health costs will be about 48% higher for the current fiscal year than it had expected in February. As a result, it’s cutting 30,000 part-timers from its health benefit plan, raising worker-paid premiums by 19% and trimming its co-payment for health costs above the deductible….
Target, Home Depot and Trader Joe’s are among the many businesses that have eliminated healthcare coverage for part and/or full-time workers.
Of those Americans who have yet to feel the pain of Obamacare, prepare yourselves, its coming.
According to a study just released (October 7, 2014) by George Mason University’s Mercatus Center, Barack Obama’s signature piece legislation besides disincentivizing people from working, will shove millions of Americans from the full-time work status to part-time “either voluntarily or involuntarily, because of its mix of costs and subsidies” and that is barely the tip of the iceberg.
ACA Provisions Creating the Largest Disincentives to Work
The ACA imposes a $2,000 penalty for each full-time employee imposed on large employers (generally those with 50 or more workers) that do not offer health insurance. Due to this penalty’s unfavorable tax treatment, it is effectively a $3,000 employment tax and can be expected to reduce full-time employment.
The ACA denies health insurance subsidies to full-time workers and their families unless their employer fails to offer “affordable” coverage. Because these workers would qualify for insurance subsidies by cutting their weekly work hours to part time, this provision creates an implicit tax that reduces the benefit of working full time.
The ACA phases out health insurance subsidies as workers’ income increases. This compounds the escalated federal and state tax liabilities workers already face for earning more income….
In any event, do not blame Obama because to hear him tell it, Americans are not shopping around for an affordable plan it is the boss’ fault.
Last week, during an event at Millennium Steel Service in Princeton, Ind.when questioned by a general manager about the rising costs of Obamacare, Obama put the blame on the employee and employer “Well then you aren’t doing it right.”
True to form, passing the buck and playing the blame game, Obama stated “That’s really interesting, you’re gonna have to talk to Henry [Jackson, the Millennium Steel Service CEO]….The question is whether you guys are shopping effectively enough.” See video below. Source: Red Alert Politics.