It has been two years since President Barack Obama’s health care plan (i.e., Obamacare) became law. What can the Commonwealth of Virginia anticipate and what will the taxpayers and businesses experience under this health care law? Just watch the recently released video by the Republican National Committee:
There is really no cause to celebrate the second anniversary of Obamacare. According to a poll released by CBS News and the New York Times, 47 percent of Americans disapprove of the new health care law, while 36 percent approve of it.
Aside from costing Virginia $1.47 Billion through 2022, this law will also hurt many businesses throughout the Commonwealth, as well as the taxpayers who will most likely be paying more taxes to cover the loss. In the case of companies like Norfolk Southern and Brinks, they will take a huge hit as a result of the health care law. Norfolk Southern stands to lose as much as $27 million, while Brinks stands to lose $14 million.
It is not just the big corporations either, as small businesses will be hurting as well. According to an estimate from the U.S. Chamber of Commerce, small and large businesses will be forced to pass the costs onto employees and will have less to spend on bring new talent in, as well as investing and expanding their companies. It could also cause many small businesses to close due to the soaring health care costs.
Although the Supreme Court is hearing the challenge to Obamacare, this law is still hurting businesses and taxpayers in the meantime. Perhaps, it is time for Congress and President Obama to go back to the drawing board and find a common sense solution that relies on free market solutions.