Friday, August 22, 2014

Survey: Obamacare's Dramatic Impact on Manufacturing Businesses

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