Mish has a truly amazing post up over at his Global Economic Blogspot detailing the crippling effect of PPACA on insurance plans, hiring and employment in the manufacturing industry. For many higher-end, white collar companies that already used benefits to compete for the very best talent, Obamacare was not nearly as disruptive as it has been in the lower-wage industries. At architecture, law, engineering and financial service companies, for example, Obamacare acts primarily as an additional, annual 3% tax (boost in premium) to cover new fees, taxes and benefits. But in manufacturing, hospitality and service, Obamacare truly stifles economic growth.
Here is an excerpt from
Mish's column:
Net Percentage of Manufacturing Firms That ...
- Decrease Employment ..... 15.2
- Increase Part-Time Workers ..... 16.7
- Increase Outsourcing ..... 10.7
- Increase prices ..... 28.8
- Raise Healthcare Premiums ..... 85.3
- Raise Healthcare Deductibles ..... 91.2
- Raise Out of Pocket Maximums ..... 73.6
- Increase Copays ..... 61.8
- Reduce Medical Coverage ..... 38.3
- Decrease Network Choices ..... 26.5
