The presidential candidates have concluded debates and the homestretch is in view. There will be a sprint to the finish line and do not expect much substance to come out in the next ten days. The Affordable Care Act was missing from the dialogue during most of the debate other than promises of repeal by Governor Romney.
Can he actually repeal Obamacare? I would argue no. It will also be a difficult task with bigger immediate problems we are facing as a nation like a fiscal cliff with over $109 billion in automatic cuts and tax increases. The sad thing about this fiscal cliff is that as painful as those numbers are, they are a drop in a bucket of what we need to fix our country’s financial standing.
I had the opportunity to meet George Tenent and hear him speak at an Omaha Chamber of Commerce event. As the former head of the Central Intelligence Agency (CIA) he acquired a unique insight on the global economy. He is also now a managing partner at an investment bank in New York. His predictions forecast a stark world we face in the next decade. The European economy is facing decline and China who is Europe’s biggest trading partner is showing signs of regression. The Chinese are also a big investor in the American economy and they own a lot of our debt.
Mr. Tenatnt offered an astute observation. He said the United States has lost serious international credibility due to our lack of fiscal policies and a government which cannot function. We are facing some serious challenges in this country like an aging population coupled with rising healthcare costs. I was told 10,000 people per day are retiring in the United States and are subsequently eligible for Medicare and Social Security. These two entitlement programs will consume our entire budget in my lifetime if nothing is done.
On an un-related issue, businesses with more than 50 FTEs face penalties, fees and added compliance beginning immediately. They need to prepare themselves now for the challenges coming in 2013. Check out the video below for an example of new essential benefits which is a requirement employers will face as a result of Obamacare. Make sure to tune into America’s Healthcare Challenge with me, Sean McGuire, tomorrow at 10 AM Central found only on Omaha’s News Radio 1110 KFAB. Look them up on I Heart Radio if you are outside the heartland. Catch the last podcast here.
Tomorrow’s show will feature my thoughts on the debates and reaction to the little information we can actually take away from both candidates. I will also include several scenarios to help the audience audience how this law will apply to situations they will be dealing with beginning as early as after the election.