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Damaging Obamacare facts regarding the impact on the nation's employers just keep on coming.
This one will ultimately affect 11 million U.S workers employed by small businesses.
Last week, the Office of the Actuary for the Centers for Medicare & Medicaid Services put out a report predicting that 65% of small businesses are likely to face health insurance premium increases as a result of the healthcare law.
CMS assumes the business owners will pass on these increases to employees, the most probable reaction.
Approximately 17 million Americans work for small businesses, defined as those having 50 or fewer employees. Based on its projections, CMS said 11 million of those workers would probably see increases in their healthcare rates, while 6 million would see a reduction.
This news follows closely on the heels of a Congressional Budget Office (CBO) report that predicted the Affordable Care Act would result in 2.5 million fewer full-time jobs by 2023.
And the Obamacare facts regarding the 4.7 million-plus Americans in the individual market that had their policies canceled despite U.S. President Barack Obama's promise that "if you like your healthcare plan, you can keep it" is well documented.
While many had suspected that small businesses would get hit hard by the health insurance changes that Obamacare requires, the CMS report surprised just about everyone.
Critics were quick to lash out at the news.
"The idea that Obamacare was going to somehow reduce health insurance costs was a complete fiction from the start," Small Business & Entrepreneurship Council Chief Economist Ray Keating told FOX Business. "The hard realities of rising costs are becoming increasingly clear to all, with small businesses and their employees getting hit hard. It's more bad news for economic growth and job creation."
Democratic leaders, obviously worried about how such Obamacare facts will affect the November mid-term elections, tried to downplay the report.
"This report is the latest instance of House Republicans attempting to peddle half-truths and incomplete data," said Drew Hammill, spokesman for House Minority Leader Nancy Pelosi, D-CA.
But it's going to be hard for the Democrats to explain away an official government report from one of the agencies responsible for implementing the healthcare law.
And those headline statistics are just the tip of an ugly iceberg...
About the Author
David Zeiler, Associate Editor for Money Morning at Money Map Press, has been a journalist for more than 35 years, including 18 spent at The Baltimore Sun. He has worked as a writer, editor, and page designer at different times in his career. He's interviewed a number of well-known personalities - ranging from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.
Over the course of his journalistic career, Dave has covered many diverse subjects. Since arriving at Money Morning in 2011, he has focused primarily on technology. He's an expert on both Apple and cryptocurrencies. He started writing about Apple for The Sun in the mid-1990s, and had an Apple blog on The Sun's web site from 2007-2009. Dave's been writing about Bitcoin since 2011 - long before most people had even heard of it. He even mined it for a short time.
Dave has a BA in English and Mass Communications from Loyola University Maryland.