21% of manufacturers in New York laying off due to Obamacare

The New York Federal Reserve reached out to businesses in the state of New York to gauge how Obamacare was affecting their financials. Full article can be read here via Breitbart.com. 

Below are snippets of the write-up:

The New York Federal Reserve produces the highly informative monthly “Empire State Manufacturing Survey/Business Leaders Survey.” But due to employer concerns about exploding health insurance costs, the NY Fed conducted a “Supplemental Survey Report” to determine the impact of Obamacare on employment trends.

Asked whether they were changing their health plans in response to Obamacare, three in five respondents — in both the manufacturing and service sector surveys — said they were. The most widely reported adjustments involved higher deductibles, increased co-pays, and higher out-of-pocket maximums for employees.

About 83 percent of firms indicated that they would be paying higher total healthcare premiums in 2017. As a result:

  1. 73 percent of firms were raising employee premiums;
  2. 65 percent were raising employee out-of-pocket expenses; and
  3. 67 percent were increasing employee co-pays.

Both manufacturing and service firms said wage and salary compensation and other benefits were not being affected by Obamacare. But “slightly less than a third of manufacturers and 21 percent of service sector panelists said they were raising the prices they charge to customers.”

 

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