Cheapest insurance plan for a family of 5 under ObamaCare is $20,000 according to the IRS. . . . . . . . or you can refuse insurance and pay a fine of $2,000, and apply for insurance, years from now, after you get cnacer of the whatever. They have to accept you, meanwhile, the system goes broke !!
(CNSNews.com) – In a final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2015 for a family of five will cost $20,000 for the year.
Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.
The IRS’s assumption that the cheapest plan for family of five will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.
“The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation says.
Bronze will be the lowest tier health-insurance plan available under Obamacare–after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.
There will much news, in the coming months, about the massive healthcare tax plan we all call "ObamaCare." Who gets stuck with most of this tax? Why, the middle class. You didn't believe Obama when he said there would be no new taxes on the middle class, did you ??
Thanks to Heritage.org, we learn the truth about who pays what. Turns out, healthcare will not be free, and may not even be “reasonably” priced. Since March of 2010, healthcare costs have gone up $2,500 for a family of four, precisely the opposite of what Obama promised in the “oh, so long ago.”
If you do not understand the chart below, just know this: YOU are going to be stuck with single largest tax bill in human history, and 20 years from now, it will be completely unmanageable.
Obama's job council, organized with great media fanfare, has not met with Obama for over one year. In fact, today, January 31, will be its last day of official business, this council abandoning its charge after years of being ignored by the White House that moved to create the council.
Couple this Administration’s failure with Obama's refusal of the Simpson/Bowles committee and its recommendations, and you have undeniable proof that Obama simply does not care about solving the economic/jobs related crisis.
Why he sets the wheels in motion and, then, walks off, deserting the very collectives he has sanctioned to solve immediate problems, remains a mystery, even to Obama detractors such a me.
Maybe it has to do with this: all advisory boards include cuts or modifications to Social Security and Medicare in their recommendations, and, Obama has decided that this cannot happen. In fact, he has actually voiced the opinion that “We do not have a spending problem.”
In this context and with Obama acting as “president,” there is little hope for meaningful change in the direction of this nation’s health. The damage being done to this nation is both systemic and long lasting and there is no relief in sight.
A recent article in the WSJ, listed nine companies that have been permanently damaged because of the present distress. Whether "permanent" is a correct prognosis or not, certainly these companies are in serious danger of collapse: they include JC Penney, Groupon, the New York Times, Barnes and Noble, Zynga Inc., Dell Inc., Bank of America, Advanced Micro Devices. (Source: 24/7Wallst.com).
We hope the best for this country, but do not support Obama's push for an European Socialist economy and if that means a big bang collapse followed by a commonsense reconstruction, so be it.
In the week ending January 26, the advance figure for seasonally adjusted initial claims was 368,000, an increase of 38,000 from the previous week's unrevised figure of 330,000. The 4-week moving average was 352,000, an increase of 250 from the previous week's unrevised average of 351,750. (Source: Advisor persectives.com)
The total number of people claiming benefits in all programs for the week ending January 12 was 5,914,983, an increase of 255,501 from the previous week. There were 7,655,224 persons claiming benefits in all programs in the comparable week in 2012. (Source: DoL.gov)
Couple this with the news of Wednesday, that GDP “surprisingly” fell into negative territory for the first time since 2009, and you have a stagnate (at best) working or jobs related economy.
The Washington Post and Forbes have, both, labeled this as the worst recovery in American history. Its been nearly 5 full years, and we are still feeling the effects of this recessionary period.
ObamaCare: the cover-up and blame game begins. The bill was written by legislative incompetents, all Democrats, of course, and now they have to deal with the mess they have written into law, all by their lonesome.
The Huffington Post and the Marxist Morons who write for that partisan rag, detail a story that reveals one of a number of serious oversights within ObamaCare.
Turns out that hundreds of thousands of families will not qualify for Federal assistance in purchasing their insurance. The articles author, is all about blaming the GOP for not being willing to fix this problem, even before the GOP knows of this problem (it is just now being reported), “since they want the entire bill repealed, anyway.”
But, of course, this is not the GOP’s problem. The Dems wrote this bill and the Administration is responsible for its content. Let them fix the problem. Heck, they can cram a solution through congress by hook or crook. That is what they did before . . . . or the GOP can use this for leverage to amend the more egregious portions of this idiot law.
Guaranteed, this is only the first of a number of very serious issues with ObamaCare. You can bet on that. And all of this mess is on the Democrat Socialists who currently rule this nation.
They allowed three or four of their number to write the overview of this law; they bribed their members, they passed a bill that no one read, and ridiculed the helpless Republicans and, now, they have a huge mess on their hands.
The article talks as if an October 1, 2013, deadline will be met, a deadline for the creation of the 50 state exchanges. But 25 of the states will not participate in these exchanges, knowing that the Administration’s claim of assistance is nothing but a lie. I believe there is no start-up money, or not enough, to fund for this mess.
More than this, the Administration cannot find 15 medical personnel to man their “death panel.” No one wants to do it. They have to commit to a six year term and cannot make an income from any other source.
That came out in reports, yesterday.
The Democrat strategy is clear: write a screwed up bill, completely exclude the opposing party, and, then, blame that party for not cooperating with the bills rewrite and amendments.
Will these Socialist Charlatans get away with this? Time will tell.
There is no better site offering fiscal commonsense commentary than this site; go to Zero Hedge for the larger article in each linked headline or click on the hyperlinked headlines, below, Its up to you to be informed. If you do so, you will be "one up" on the Obama Administration:
While some would look at the surge in government spending in Q3 last year (ahead of the election) and subsequent plunge in Q4 as conspiratorial, CNBC's Rick Santelli takes a step slightly further back as he draws the analogy between the mystical monetary experimentation of Ben Bernanke and his horde of central bank cronies and the "bloodletting of leeching" of medieval medicine providers. The point being that if you were sick in the middle ages, leeches were applied; and if you returned weeks later (still sick), more leeches and blood-letting took place – with no lesson learned . . . . .
Submitted by Tyler Durden on 01/30/2013 - 18:25
Following today's dismal GDP print, the massive ongoing borrowing being undertaken by our government, and the Bernankian policies which appear inescapable (and entirely ineffective for anything but the market), we thought Ken Rogoff's recent op-ed from the FT was extremely appropriate. Many foreign observers look at the US budget shenanigans with confusion and dismay, wondering how a country that seems to have it all can manage its fiscal affairs so chaotically. The root problem is not just a hugely elevated level of public debt, or a patently unsustainable trajectory for old age entitlements. It is an electorate deeply divided over the direction of government, with differences compounded by changing demographics and sustained sluggish growth. It is hard to escape the notion that today’s budget battles are but a skirmish in a much longer-term war that won’t be settled soon. The idea that one should just ignore all these problems and apply crude Keynesian stimulus is a dangerous one. It matters a great deal how the government taxes and spends, not just how much. . . . . . . . . .
Submitted by Tyler Durden on 01/30/2013 - 16:52
Over two years ago (and reiterated last year) Zero Hedge first wrote on what was and is an undisputed transition within the US labor force: a shift from full-time to temp, or part-time labor, with virtually no contractual or welfare benefits, and where workers are lucky to get minimum wage. This is because in the "New Normal" where copious amounts of structural slack are pervasive due precisely to the Fed's constant flawed micromanagement of the economy, the US has now become an "employers' market." Furthermore, we were the first to make the critical distinction that it is absolutely not all about the quantity of jobs, but much more importantly, the quality of the new jobs being created. However, just like 99% of the general public, and all of the mainstream media, has an inborn genetic disorder preventing it from grasping the distinction between nominal and real, so these two critical aspects of the US jobs market languished unperturbed. Until now, two years later, when we are happy to see that the mainstream media has finally caught up with what our readers knew in December 2010. . . . . . .
U.S. Economy Unexpectedly Contracts in Fourth Quarter — Private-Sector Hiring Rose by 192,000 in January, ADP Reports — WASHINGTON—U.S. economic momentum screeched to a halt in the final months of 2012, as businesses pared back inventories and government spending fell sharply …
Editor’s notes: no sooner than this Administration started bragging about the so-called “recovery, again, the news came out that the economy actually went into the hole, registering a negative GDP total for the last quarter, the same quarter in which Christmas and holiday sales came into play.
Another such result for the current quarter, will give us the legal or accepted definition for the reoccurrence of a “recession.”
Of course, Obama will try to blame this all on the GOP in spite of the fact that he did not even hint at a recovery plan in his inauguration speech, of any of his speeches since then nor is he admitting that we have a problem. Apparently, he believes the recovery is under way. As a result, he is free to waste his time trying to keep up with the Senate’s move on immigration, flying around the country, running his mouth in an effort to avoid sitting in DC, doing his job.
Slow growth in inventories, military cuts, the Sandy hurricane, the advancement of regulations and stifling corporate taxation, all have combined for this disastrous report.
In an effort for "relevancy," Obama makes a fool of himself on Wednesday. "Get the job done or deal with me !!!" was his message. Geeeesh.
Everything Obama does, is couched in the political strategy. Yesterday, he was stuck doing a follow-up to the gang of eight. He had originally planned on delivering his immigration plan, you know, that plan he failed to present back in 2009 when the GOP did not count, yeh, that plan.
Anyway, he was going to give his plan but the Senate’s gang of eight, beat him to the punch.
So what does Obama do, having been upstaged by the previous day’s announcement? Simply, he threatens the Senate, as if he is the one driving this debate, desperately trying to give relevance to his speech.
He really loves to hear himself talk, even if it costs the American taxpayers 1.6 million to listen to him.
I love the fact that Marco Rubio told the prez - without a smile on his face – that he was not about to get in a bidding war with Obama. He reminded Obama that congress passes legislation and he, Obama signs or vetoes legislation . . . . period.
Everyone knows that Rubio just put a target on his back. The Marxist Media will frame his comments as an “in your face attack” on their president, and they will not be forgiving and for sure, Obama is all in a stew.
<<<< We need to stop pretending that the shrinking workforce is a temporary reality. It is here to stay, at no fault of anyone. But, failed policies will make its affect far worse than needs be.
For the past several months, the Fed and Ben Bernake have been printing 40 billion dollars per month and the stock market is eating this up. Some argue that this ridiculous amount of printed money is only replacing the trillions lost in the closing months of 2008 and into early 2009.
Speaking as a sheer layman, on this matter, I see a difference between losing money and printing replacement money. I would think that we replace lost income with more earned income. Call me stupid.
|Click on image to enlarge|
At any rate, Ben is busy printing money and Obama is using the “success” of Wall Street” to frame his “successful recovery.” But, we know this “recovery” is only an illusion, and how do we know this? Because the economy is rocking along at minus .01 (GDP). A true recovery, at this point in time, should be 3 percent to 6 percent. It ran 8 percent during the Reagan recovery and the Carter recession was far worse than this one, contrary to popular media wording.
Add to this recovery “illusion,” the fact that “7.8% unemployment,” today, in 2013 represents 5 million fewer people working than the 7.8% record at the end of February of 2009.
Understand that the shrinking workforce is not simply a function of failed Obama policy (it includes this, of course). The Boomer generation is beginning to exit the job market and have entered Social Security. Others have declared themselves "handicapped" are officially disabled (no less than 80% are actually disabled and that estimate might be low).
This combination of attrition and failed policy has created a degree of permanency that will extend well into the future - perhaps into perpetuity.
Problem: unless we can figure out how to create more income with fewer workers, out GDP promises to remain at record lows, effecting (killing) the needed recovery. Understand that the Boomers are leaving the workforce at the rate of 10,000 per day, and this reduction/exodus will last for close to 17 years before that rate significantly reduces.
No one in Washington is looking at this particular problem. Government cannot "supply" the millions of jobs, necessary, to turn the economy around. And, no one is talking about what to do with all those American who can work but have no chance of landing a job.
At some point, our need to financially help those without a job and those who are retiring, will [far] exceed the ability to meet these new "obligations."
What to do?
1) start moving out of high risk communities.
2) reduce your debt and monthly payments
3) pay off your cars and home.
4) understand that you are going to be responsible for "you." Make fun of "rugged individualism" all you want; turns out, there is no choice for those who want to have any quality of life after the unavoidable national bust that has positioned itself on our horizon.
Two negative growth quarters constitutes a "recession." We just had our first negative quarter since 2009. Someone is lying to us. Do you care?
From The Hill:
The nation’s economy unexpectedly shrank by 0.1 percent in the fourth quarter of 2012, casting fresh doubt on the strength of the economy recovery.
The new estimate of gross domestic product (GDP) from the Commerce Department marks the first time the economy shrank since it was in the depths of the recession in mid-2009.
The dip came as a surprise to economists. Experts had believed the U.S. would post a modest economic gain of slightly over 1 percent, after logging a 3.1 percent increase in the third quarter.
Editor’s notes: the official definition for “recession” includes the fact of two quarters in a row with minus growth as to GDP. We just recorded our first quarter since 2009, of minus GDP.
In 33 seconds, a Democrat Senator explains why her party is not qualified to lead on the spending issue. (see the video).
In this video clip, the Senator argues that “discretionary spending” is not “out of control.” Geeeeesh. We now borrow 42 cents of every single dollar we spend, each year, and the Democrat leadership limits its denial to “discretionary spending.” Can anyone say, “Straw dog ?”
Apparently, Democrats do not understand that our spending crisis is not limited to discretionary spending. Structural over-spending is part of the problem, as well, and, no one but a blind sheik would deny this fact.
Lets say that our current rate of interest, paid on the money we have borrowed, rises from a current interest rate of 3.5 percent to 7 percent, overnight, upon news of a second and more serious downgrade from S&P and or Moody’s. It is estimated that we will spend $750 billion on interest, alone, by the year 2020, assuming interest rates for that debt, remain the same. If our scenario, above, happens, the interest rate would rise to 1.5 trillion dollars per year -- a bill that absolutely has to be paid, a little higher than what we over-spend, each year. At that point, the most harsh cuts in American history, would have to go into effect, immediately. There would not be enough tax revenues available to make a difference. And the Dems see no problem.
Source: Diane Black House,gov.