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Obamacare Is A Disaster For Businesses, Philly Fed Finds

Tyler Durden's picture


Remember all those allegations that Obamacare would be an unmitigated disaster for businesses, especially smaller companies? Well, now we have proof.

As the Philly Fed, which mysteriously soared at the headline level even as the vast majority of its components tumbled, reported moments ago, "in special questions this month, firms were asked qualitative questions about the effects of the Affordable Care Act (ACA) and how, if at all, they are making changes to their employment and compensation, including benefits."

What the survey found was very disturbing: not only did businesses report that as a result of Obamacare the number of workers they employ is lower than higher (18.2% vs 3.0%), that there has been an increase in part time jobs (18.2% higher vs 1.5% lower), leading to a big increase in outsourcing and most importantly, Obamacare costs are being largely passed on to customers (28.8% reporting higher vs 0.0% lower), the punchline was that while there is basically no change in the number of employees covered (17.6% higher vs 14.7% lower and 67.6% unchanged), there has been a big jump in Premiums, Deductibles, Out-of-pocket maximums, and Copays, which has been "matched" by a far greater reduction in the range of medical coverage and the size of the network.

In short a disaster.

And what's worse, this sentiment will persist long after the current subprime auto loan-driven manufacturing renaissance is long forgotten.

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Thu, 08/21/2014 - 10:37 | 5125034 nope-1004
nope-1004's picture

If you like your shitty president, you can keep your shitty president.


Thu, 08/21/2014 - 10:41 | 5125055 MeMongo
MeMongo's picture


Thu, 08/21/2014 - 10:54 | 5125121 macholatte
macholatte's picture




Pelosi: "We Have to Pass the Bill So That You Can Find Out What Is In It away from the fog of the controversy"


Thu, 08/21/2014 - 10:56 | 5125138 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

Thankyou Tyler for removing $Butt-Hole Pimper.

Thu, 08/21/2014 - 10:58 | 5125148 macholatte
macholatte's picture




How much do I have to steal before you can give me 500 million?

-- John Stewart



Thu, 08/21/2014 - 11:15 | 5125226 General Decline
General Decline's picture

Yes we can't!!

Thu, 08/21/2014 - 11:28 | 5125240 GetZeeGold
GetZeeGold's picture



Define bad....


Are we talking disaster or zombie apocalypse here?



If you like your shitty president

I'd take Jimmy Carter back in a heartbeat right about now. Is he available? Forget about the constitution....cause we're not following that crap anymore....obviously.

Thu, 08/21/2014 - 11:36 | 5125306 El Oregonian
El Oregonian's picture

I hate to say it, but:

HaHaHa I told ya!

Thu, 08/21/2014 - 14:56 | 5125652 Boris Alatovkrap
Boris Alatovkrap's picture

Please wait with patience as Boris is projecting facial expression of totally complete surprise.

Of course, wait with patients is obvious as free market health care is convert to disaster experiment in socialize rationing of medicine, but Amerikanskis is know that from start, no?! Welcome to soviet style care of body and mind. 

Thu, 08/21/2014 - 16:18 | 5126610 froze25
froze25's picture

Dont the premiums get adjusted in October?  Those will be based on the actual enrollment numbers right?  I am guessing they will skyrocket.

Thu, 08/21/2014 - 16:50 | 5126717 mkkby
mkkby's picture

Fuck small business.  Did they contribute millions to my campaign?

signed, BO

Thu, 08/21/2014 - 11:41 | 5125325 Truthseeker2
Thu, 08/21/2014 - 13:15 | 5125662 Boris Alatovkrap
Boris Alatovkrap's picture

Does Papal See defecate in boreal forest?

Thu, 08/21/2014 - 11:46 | 5125340 firstdivision
firstdivision's picture

Carter is one of the most underrated recent Presidents, at least he was honest. (full disclosure: he was before my time, so I'm basing my thoughts on what I've read)

Thu, 08/21/2014 - 11:48 | 5125349 GetZeeGold
GetZeeGold's picture



so I'm basing my thoughts on what I've read


Yeah.....don't do that.

Thu, 08/21/2014 - 12:15 | 5125445 Raymond K Hessel
Raymond K Hessel's picture

He was the malaise Americans were experiencing.

He's Obama's dad intellectually.  


Thu, 08/21/2014 - 13:49 | 5125787 ThroxxOfVron
ThroxxOfVron's picture

"He was the malaise Americans were experiencing.

He's Obama's dad intellectually.  "

Carter was not without his faults; NONE of which rise to the level of idiocy deserving comparison with Obama.

IMHO, Carter at least had some modicum of intellectual honesty.  Obama does not appear to...

Thu, 08/21/2014 - 12:34 | 5125514 marathonman
marathonman's picture

Carter was a CFR/Trilateral Commissions President.  All you need to know...

Thu, 08/21/2014 - 15:53 | 5126479 A Nanny Moose
A Nanny Moose's picture

Georgie Washington "could not tell a lie"....but was among the largest whiskey producers at the time of the whiskey tax/rebellion.

Thu, 08/21/2014 - 11:59 | 5125385 Stoploss
Stoploss's picture

You read wrong FD.  That cocksucker ruined a lot of lives.

Thu, 08/21/2014 - 12:01 | 5125400 Bay Area Guy
Bay Area Guy's picture

Carter seem to genuinely care about people, which was probably a good part of his downfall.  However, he was pretty much clueless as to how to run the government.  He also didn't surround himself with much in the way of capable people, which exacerbated the situation.  His legacy, the Camp David Accords, came by pretty much bribing both sides and is a price we're still paying today.

Was he the worst?  Given the plethora of candidates we have just in the last 50 years, I would say no.  But he's right down there with the last two we've had.

Thu, 08/21/2014 - 12:55 | 5125582 Stares straight...
Stares straight ahead's picture

Carter would tell you what he was going to do and, initially, businesses would adjust to this, in an effort to remain competitive. Then Carter would change the plan. Businesses stopped making adjustments as you would expect. No jawboning by that president had any effector the economy from then on out.

Add washy-washy to the list of "facts" you have read.

Obama has a similar effect on personal and business decisions, but mostly because of the randomness of surprise announcements and unilateral actions. You just freeze up with indecisiveness because you just can't predict what's coming down the pipe next.

It's enough to make your eyes cross...wait a minute.

Thu, 08/21/2014 - 13:29 | 5125714 Oldwood
Oldwood's picture

Carter seemed inept while Obama really does seem malicious. If Carter had a screwdriver, he might accidentally put out an eye, whereas Obama would be chasing you around the room with it.

Thu, 08/21/2014 - 13:33 | 5125732 seek
seek's picture

I agree with you, and he wasn't before my time. (I'm sure I'll see as much red as you on this.)

You just have to see how Carter is treated by the other presidents during gatherings to see he's an outsider. He actively warned that US energy policy was a long-term risk, and that materialized in a big way.

Another big fucking clue? Carter's net worth today is $5M, chump change in this league.

He was handed a country in shambles coping with a massive inflationary episode, oil shock, and just generally a giant shit sandwich, and no insiders were interested in helping him. It was a total scapegoat setup, as the shit he had handed to him really was caused by prior presidents (both (D) and (R).)

The best parallel I can offer is imagine Ron Paul gets the Presidency in 2016 and the shitshow he'd be handed, and then everyone blaming him for the situation they country is in rather than O and Bush 2.

Thu, 08/21/2014 - 16:22 | 5126619 froze25
froze25's picture

Some how I think that Obama will be remebered for the shit storm he helped create.  

Thu, 08/21/2014 - 15:03 | 5126167 Black Warrior W...
Black Warrior Waterdog's picture

Honestly, he was a shitty President.

Thu, 08/21/2014 - 23:42 | 5128503 jeff montanye
jeff montanye's picture

he certainly got rolled by menachem begin.  not as badly as anwar sadat though ....

carter was a better "post-president".

Thu, 08/21/2014 - 15:02 | 5126161 BlindMonkey
BlindMonkey's picture

"I'd take Jimmy Carter back in a heartbeat right about now. Is he available? Forget about the constitution....cause we're not following that crap anymore....obviously."

He only served 1 term so you can have him without any problems. George senior too for that matter.

Thu, 08/21/2014 - 12:31 | 5125504 thetruthhurts
thetruthhurts's picture

I'm in the healthcare business.  Government has been fucking with us since the 60's at least. 

First, in order to "contain costs" back in the 80's they required us to submit for a "certificate of need" before we were allowed to by a CT scan for our hospital....meantime the Other Hospital already had their Certificate and was lobbying the government to deny ours because there was not a "need" in the community since they already had their CT scanner.........that program fell apart and was replaced by price controls and cuts in reembursments to discourage healthcare costs.

What crap......


Government mucking in healthcare...fukem.    But guess what?    We will have to suffer for many more years before it all falls apart and can be rebuilt through capitalism.

Thu, 08/21/2014 - 12:40 | 5125529 dontgoforit
dontgoforit's picture

Who is John Galt?  And why isn't he doing anything about this shit?

Thu, 08/21/2014 - 14:44 | 5126047 MachoMan
MachoMan's picture

Wait.  So you're complaining about governmental intermeddling in the healthcare business, but if subsidies/governmental reimbursements were cut from the health industry, then you would likely be bankrupt.  Pick your poison.

PS, capitalism does not exist...  competition exists, but it doesn't look anything like what capitalism demands.

Thu, 08/21/2014 - 15:07 | 5126191 BlindMonkey
BlindMonkey's picture

"....But guess what? We will have to suffer for many more years before it all falls apart and can be rebuilt through capitalism."

My god you are an optimistic soul. Bless you.

FYI. The cycle doesn't work that way. We will convert to a totalitarian hell-hole first. The timing will consume the remainder of our lives. We will never live to see a resurgence of freedom based capitalism.

Thu, 08/21/2014 - 16:02 | 5126526 Nick Jihad
Nick Jihad's picture

Yeah, goverment interference was all rainbows and unicorns, back when they were helping the AMA cement its cartel.  Seems like the servant is now the master, oh noooes!

Thu, 08/21/2014 - 17:04 | 5126813 mkkby
mkkby's picture

Hospitals price gouge so bad they'd be arrested in any other busness.  Try charging $20, 000 for a bottle of water after a disaster and watch as the system stomps all over you.

Insurance skims 30% of everything they charge, so naturally they love when health care expenses sky rocket.  Don't listen to their bullshit about trying to contain costs.

Excuse us if we don't cry for you.  You are a parasite.

Thu, 08/21/2014 - 10:38 | 5125038 dontgoforit
dontgoforit's picture

Can we change into our hope yet?

Thu, 08/21/2014 - 11:42 | 5125332 Truthseeker2
Thu, 08/21/2014 - 10:38 | 5125042 RiskyBidness
RiskyBidness's picture

Negro Care is exactly what you jackass liberals voted for.  Dont worry we have plenty of money to pay for it....right Janet!!

Thu, 08/21/2014 - 10:57 | 5125140 tickhound
tickhound's picture

You bought the negro-care line.

You should see it for what it is... A GIFT of Guarantee to insurance companies. "Costs are being passed on to customers" ... So Tyler just made a case for another GiFT once customers can't foot the bill.

It's whatever we have to do to keep the SICK-CARE industry whole... You know, for the negroes.

Thu, 08/21/2014 - 11:08 | 5125198 JRobby
JRobby's picture

Wow! Still buying into the media ideology allocations of LIB vs. CON that keeps the electorate divided. You are moving ahead rapidly.

Nothing short of breathtaking really.

Thu, 08/21/2014 - 11:35 | 5125305 The Blank Stare
The Blank Stare's picture

Well, with a handle like "riskybidness", he's probably some Scientology troll mocking us believers in mortality, somehow. I haven't figured that part out yet.

Thu, 08/21/2014 - 11:48 | 5125348 firstdivision
firstdivision's picture

If you look at Romeny (the other choice), he institued 'Negro Care' in MA.  So regardless of who you would've voted for, we would have 'Negro Care'.  Keep buying the Red vs Blue propaganda.  Maybe one day you'll remove your blinders and hood to see the world for what it truly is.

Thu, 08/21/2014 - 10:40 | 5125044 Mercury
Mercury's picture

The US healthcare system certainly needed reform but the ACA was a step backwards: more red tape, more complexity, more expensive, terrible incentives and more rationing.

Among a million other blunders, no sane person, designing such a system from the ground-up  would tie healthcare coverage to employment.

This is why.

Thu, 08/21/2014 - 10:42 | 5125063 dontgoforit
dontgoforit's picture

The break in healthcare began when the U.S. government - under the LBJ administration - began the medicare/medicaid fiasco.  From there, the sky is still the limit.  Government will take and take and take and smile at you while you become more and more dependent on it.  It's a cancer that needs to be put in remission.

Thu, 08/21/2014 - 10:44 | 5125071 Mercury
Mercury's picture

It's almost like the ACA was designed by people who don't have to use it.

Thu, 08/21/2014 - 11:04 | 5125182 Winston Smith 2009
Winston Smith 2009's picture

The ACA, like everything else, was designed by the special interests who an ignorant voting populace allow to own the government. The voters are simply the useful idiots who continue to validate the system with their votes, brought to the polls by all of that special interest money. A total farce of representative democracy, the only thing represented in a nation of propagandized voter idiots being the source of the campaign finance dollars.

Thu, 08/21/2014 - 16:27 | 5126638 froze25
froze25's picture

United Health Care, was the major contributor to the health care bill.  Have you ever known a senator, they aren't dumb but thier not that smart either.  They are very slick speakers.  None of them together or alone could of wrote that 2000+ page bill.  It was dusted off and presented when the time was right.  Dem Pres, Dem Senate, Dem Congress.  Thats it in a nut shell.  United Heath Care's stock has skyrocked since.

Thu, 08/21/2014 - 17:09 | 5126852 mkkby
mkkby's picture

6 weeks, 3 days.  Another blue/red team shill.

Thu, 08/21/2014 - 11:17 | 5125233 duo
duo's picture

It was written by the insurance companies years before Obama was elected.  He was the teflon suit that allowed the ACA to be even discussed, let alone passed.  NSA blackmail of a few reps and senators probably helped the cause.

Thu, 08/21/2014 - 10:44 | 5125081 Dr. Richard Head
Dr. Richard Head's picture

And then there was Nixon and the HMO's.  http://en.wikipedia.org/wiki/Health_Maintenance_Organization_Act_of_1973

We have had government managed everything since my birth in 78 and prior.

Land of the free my anus.

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