Ways and Means Hearing: Obamacare Is Bad for Business

Kathryn Nix / January 31, 2011

Last Thursday, Treasury Secretary Tim Geithner sent a letter extolling the impact of Obamacare on small business. Geithner touted small business tax credits and the creation of health insurance exchanges as ways to enable a greater number of employers to offer health benefits.

But reality tells a different story. A day earlier, the House Committee on Ways and Means held a hearing to unveil the effects of the new health care law on businesses. Testifying before the committee were employers and economists, and their message was simple: Obamacare is bad for business.

Small businesses currently face an uphill battle to offer insurance to their employees, and the climb is becoming progressively steeper as insurance costs continue to rise. Obamacare will make these obstacles even more daunting. (more…)