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The Beauty of Obamacare

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walmartSeveral days ago, President Obama was out boasting, still, that the Affordable Care Act is lowering the cost of health care. On the heels of that came an announcement from Wal-Mart, the largest private employer in the U.S., that, in its latest purge, the company is dropping health benefits for some 30,000 employees. Even though O’Care was supposed to have brought the cost of health care down, Wal-Mart claims it is dropping these employees because of its “inability to manage higher-than-anticipated health expenses.”

Wal-Mart championed Obamacare in 2009 and helped shove it through Congress. Now Wal-Mart, along with Trader Joe’s, Target and Home Depot, is taking advantage of the government-subsidized alternative—Obamacare. That’s the beauty of O’Care. Why should large companies pay health insurance costs for employees when they can be dumped into Obamacare?

Read here from the WSJ how we can expect more industries (restaurant, hospitality, retail) with large numbers of low-skilled, low-paid workers to follow Wal-Mart’s path. Yes, at taxpayers’ expense.

 

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Debbie Young

Debbie, editor-in-chief of Richardcyoung.com, has been associate editor of Dick Young’s investment strategy reports for over three decades. When not in Key West, Debbie spends her free time researching and writing in and about Paris and Burgundy, France, cooking on her AGA Cooker, and practicing yoga.