Back in 2009, the Democrats said Obamacare would save small businesses money. But a new government report says that nearly two out of every three small businesses will be paying higher insurance premiums because of the healthcare law. That leaves many small business owners with
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The nonpartisan Congressional Budget Office (CBO) reported in Aug. 2010 that Obamacare would increase joblessness. But a new report shows the CBO greatly underestimated both how many jobs would be lost and the reason behind losing them.
The 2010 CBO report showed that the healthcare law would result in 800,000 fewer jobs by 2021.
The report said this Obamacare-prompted joblessness would be caused by employers' response to Obamacare penalties. Employers would cut hours, hire fewer workers, and lower wages in order to avoid penalties for failing to offer insurance to employees who work more than 30 hours per week.
But here's what the CBO is saying now...
That the Affordable Care Act has so far fallen well short of its primary goal of providing coverage for most of the nation's 48 million uninsured has become increasingly clear as the sign-up data has trickled out.
So far, 3 million people have signed up for Obamacare, less than half of the target number of 7 million enrollees estimated by the Congressional Budget Office.
The Health Exchange Security and Transparency Act, H.R. 3811, is a one-sentence bill that simply requires customers to be notified of any Obamacare website security breach no later than two business days after its discovery. It was passed in a 291-122 vote, with 67 Democrats breaking ranks in support.
Prior to this bill, there was no legal requirement for the Department of Health and Human Services to notify an individual if his or her personal information had been breached.
The Affordable Care Act may come with a host of new benefits and protections, but it also comes with a slew of new taxes, fees and fines to pay for them. But while many of the law's benefits have been in effect for a year or more, these new Obamacare taxes only became effective as of Jan. 1.
The U.S. Supreme Court may have upheld the constitutionality of Obamacare in June of 2012. But what of the unilateral changes President Obama has made to the law since then? Are they constitutional? A group of 11 attorneys general say they are not, and that they illegally change the intent of the legislation.
Health and Human Services Secretary Kathleen Sebelius told Congress the dysfunctional Obamacare website, Healthcare.gov, cost $175 million. Meanwhile, the Government Accountability Office came up with a $394 million price tag. But a Bloomberg Government Analysis has tallied up its true cost - a cool $1 billion.
The website has been a disaster. Millions of people who need to shop for health insurance on Healthcare.gov because they've gotten cancellation notices can't because the site is down most of the time. Now HHS Secretary Kathleen Sebelius, in her testimony to Congress, drops yet another bombshell that could scare people away for good.
"Too many people tried to sign up." "We didn't have enough time." Such are the excuses coming from the Obama administration as they try to explain the disastrous launch of the healthcare exchange websites. But the failure of the websites was inevitable. In decision after decision,
We all know where the road that's paved with good intentions takes us. That's Obamacare in a nutshell. And here's the latest proof: People are being told to work fewer hours and earn less pay so they don't lose their government healthcare subsidies.
After three years and more than $400 million, it's obvious the technology underpinning Obamacare was woefully inadequate. But even if the government manages to fix the initial problems by late November, as it's promising now, that won't end the website's troubles.
Considering taxpayers shelled out more than $500 million to build the Obamacare online exchanges, we'd like to know how they're actually operating, for good or for bad.
We know it's not all good...
For example, the federal government is operating an exchange for 36 states, and it's seen some of the worst complications. Part of the problem is volume: Within three days, a whopping 8.6 million people visited healthcare.gov.
We also know that Obamacare's success depends on having a large number of people enroll - especially the younger, healthier crowd. The Congressional Budget Office says Obamacare needs 7 million people to sign up at a minimum for it to stay afloat financially.
Now that Obamacare is officially up and running (well, sort of), a lot of Americans are anxious to know how well - or how badly - things are going. Here's the latest word on five key aspects of the new health care law...
With the Oct. 1 deadline for open enrollment in Obamacare just days away, the pro- and anti-Obamacare chatter has elevated to a roar.
Just two days ago, the Obama administration released data addressing the cost of premiums in the 36 states that have opted to launch new healthcare exchanges.
On one hand, Obamacare proponents are proud that the data shows that most individuals will be able to pay around $100 per month for a policy, and some even less, depending on qualification for tax subsidies.
Love it or hate it, Obamacare is almost here. So we weren't surprised when our e-mail inbox started to overflow with concerns from readers about how the new health care law will affect them. That meant it was time to bring in Money Morning Capital Wave Strategist Shah Gilani for some answers...