What's Going On?

What's Going On?

 

“What’s Going On?” is a new feature for the Miners Bank web site. It is opinion oriented and will raise questions related to the banking industry and our customer base. We invite your feedback and comments.

 

George Groves

President & CEO

The Miners Bank 

 

 

Go Back

Obamacare and Small Businesses

One of the most controversial, partisan, divisive, and ineffective pieces of legislation that our country has ever had is the Affordable Care Act known as Obamacare.

 

Despite a substantial lead time and more substantial investments, the administration has not been able to get the exchanges ready for this fall. They also recently gave a one year reprieve to certain businesses because they weren’t ready (but they didn’t exempt individuals.)  The acting head of the IRS—which will administer the act---said in Congressional  testimony that he did not want to switch to Obamacare. Clearly the complexity and impact was not foreseen when it was passed (thank you queen Nancy—“We’ll have to pass the law to know what it contains”.)

 

Now comes the icing on the cake. The administration is providing a special subsidy to Congress and its staff. So what we have is that everyone that was supposed to benefit from the act will be detrimented and the royal class of Washington gets special deals. And Congress wonders why their approval ratings are so low?

 

Why am I as a banker writing about this? Obamacare is paralyzing our nation’s small businesses. In countless conversations with our customers and prospects, the subject comes up. No one really knows what the impact will be economically. No one really knows whether to add staff (or cut hours so more of the staff is “part-time” ). The result of this fear and confusion is a reluctance to invest in people, machinery and the future. With lack of knowledge, the future is uncertain and job growth is stymied.

 

We already have the worst recovery since the Great Depression. We don’t need Obamacare on top of it. We need to be growing and creating real jobs.

 

When Obamacare was written, a clause was inserted that basically indicated that Congress couldn’t exempt itself—“eat its own cooking”. Harry Reid softened that and now the administration has completely exempted Congress and its staff by providing special subsidies. This is shameful!

 

There are parts of the new law—parental insurance coverage to age 26, no insurance denial for pre existing condition, etc—that all can support in the future. We don’t need the dramatic overhaul of our health care system to achieve that.

 

To get the job creation machine going again, this law must be altered or abandoned. Write or contact your Congressperson and Senator and express your concern about this law—it is not too late. And...tell them they should resign if they place themselves outside of the citizen’s plight by exempting them from the weight of Obamacare.

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