Obamacare Has Hurt Working Americans, Helped Lawyers | Spending Daily
Check out our daily news digest for the latest must-read budget and economic stories and commentary:
Congress May Have A Few Extra Weeks To Figure Out Debt Ceiling. According to Businessweek, Wall Street analysts believe the federal government won’t run up against its debt limit until late October, a few weeks later than the Treasury Department predicted. The magazine reports, “Wall Street firms are trying to pinpoint when the Treasury’s money runs out: Jefferies [LLC] predicts sufficient funds through the end of October, while Credit Suisse sees enough cash until as late as mid-November.” With Congress’s busy September schedule, we hope any additional time would allow lawmakers more room to discuss a comprehensive package that increases the debt limit while cutting spending.
Lawyers Among Primary Obamacare Beneficiaries. You might think that uninsured and underinsured Americans would be the primary beneficiaries of Obamacare. But, so far, that’s not true. According to Fox News, “While polling data suggests many Americans remain anxious and skeptical about ObamaCare, the early big winners of the president’s signature law include investors, lawyers, consultants and purveyors of new technology.” Who has not benefitted from the law? Working Americans. According to Investor’s Business Daily, “More than 250 employers have cut work hours, jobs or taken other steps to avoid ObamaCare costs …”
Most Uninsured Confused By Obamacare. Indeed, according to Reuters, uninsured Americans, right now, are mainly just confused about Affordable Care Act implementation. The wire service reports, “Technical glitches still plague the display of new healthcare plans to be offered to millions of uninsured Americans starting in 26 days, including how medical charges and deductibles are listed, industry officials say.” In another sign Obamacare might be too big to work, some insurance carriers told Reuters they are not convinced the technical difficulties will be resolved by October 1.
Postal Service May Raise Rates To Cover Deficit. Since Congress has rejected some of the U.S. Postal Service’s (USPS) cost-cutting efforts – like cutting Saturday service – it appears the USPS will have to resort to raising fee. According to The Washington Post, “The Postal Board of Governors is scheduled to meet behind closed doors Thursday to consider a path to solvency for the money-losing U.S. Postal Service that includes a potential price increase that’s alarming mailers of newspapers and magazines, advertising and other bulk correspondence.” The Postal Service’s fiscal story mirrors the federal government’s own: for years lawmakers have refused to cut wasteful programs and added spending. Now, some are asking taxpayers to pay even more to cover their deficits. Instead of raising the burden on everyday Americans, Congress should find places to cut.