So let’s get things straight. We are a nation facing serious financial problems driven extensively by health care costs, as well as a looming fiscal cliff, automatic spending cuts and increased taxes.
Entitlement spending for programs like Medicare threaten future generations pursuit of happiness and will consume our entire federal budget by the 2040’s if nothing is done. Yet instead of having an adult conversation about real issues, a beloved Sesame Street character becomes a central talking point on the campaign trail for the most important position in the world, the President of the United States.
Somedays I wonder what planet we live on.
Here is the deal with the Affordable Care Act. Nobody wants to touch it because nobody understands it. Furthermore, it is still being written as we speak through the rule and regulatory process. I will tell you this right now, this law is a 2,000 page monster of ambiguity, and as we see businesses try to determine how it will impact them, do not expect them to hire anyone. Our economy is driven on consumerism and a strong middle class. When they do not have jobs and are not getting a regular paycheck, it makes it difficult for the country to grow towards prosperity. One of the biggest hurdles to creating jobs is reducing uncertainty.
If you owned a business, ask yourself the following question? Would you hire or expand if you did not know how your firm will be impacted by a law that was passed two and a half years ago. The ACA will present challenges for businesses of all sizes as they try to quantify how it will impact them and this will begin to squeeze their bottom-line.
The fact there is so much myth and disinformation makes it difficult for decision makers to think long-term, which will further impact companies profit margins, particularly in the next two years. Happenings in Europe show a stark future if nothing is done so let’s come together to recognize we have a problem to propose solutions that work for America.
For more information healthcare costs and its impact on the economy, follow me on twitter @SeanMMcGuire and take a couple of minutes to review the video below for some things you should know as a business owner. You can hear me discuss the health reform law and its impact on my weekly radio program, America’s Healthcare Challenge.