McKinsey & Co., the high profile global business consulting firm, surveyed 1300 businesses and found that "30 percent of employers will definitely or probably stop offering [employer-sponsored insurance] in the years after 2014."
That's the year that the full impact of ObamaCare is scheduled to kick in. Several other surveys have reached similar conclusions.
Another study found that among businesses with a "high awareness" of what ObamaCare is all about, more than half are planning to drop health care insurance benefits for their workers.
The result spells death to private insurance and life to nationalized healthcare just as conservatives predicted.
ObamaCare requires employers with more than 50 employees to provide insurance for their employees or face a $2000 fine.
Many employers are quick to conclude that they are better off to pay the fine than the escalating premium costs.
AT&T calculated that dropping coverage and paying the penalty will save them $1.8 billion annually.
That makes the decision pretty obvious.
Millions of the workers cut loose will be forced to shop within the government blessed "exchanges" – and will be eligible based on income levels for generous taxpayer funded premium subsidies.
Democrats know how to buy votes with taxpayer's money – or even worse, with debt. ObamaCare makes subsidies available up to 400% of poverty level income.
The phony budget projections used to sell ObamaCare were based on just 2.5 percent of workers with current employer provided plans to switch – not 30 or even 50 percent!
The real resulting impact to the federal treasury will be in the trillions according to former budget officials Douglas Holtz-Eakin and James Capretta.
That's another big budget buster that Obama and the Democrats kept hidden behind the curtain when they rammed the bill through Congress.
The end of employer provided health insurance benefits and consolidation into government controlled programs is a big step toward government controlled single-payer health care which has long been the not-so-subtle objective all along.
Never mind that the we'll be bankrupt when we get there.
See these top stories:
|John Ransom||Email, Hate Mail and Comments from Readers|
|Jack Bouroudjian||The End of OPEC is America’s Blessing|
|Mike Shedlock||Union Tax Hikes Covered By Phony IOUs|
|Mark Baisley||Put a Magnifier to Your Digital Ant Farm|
|Bob Beauprez||Employers Drop Insurance Over Obamacare|
Get the Market Movements in Advance: William's Edge Webinar for Wednesday, March 12th, 2014 | John Ransom