The New York Fed has published the results of its latest Empire State Manufacturing Survey and Business Leaders Survey (which covers both manufacturing and services). It’s devastating news for Obamacare. Business leaders expect health costs to rise ten percent next year. About 73 percent (almost three quarters) of the business leaders blamed Obamacare for some of the increase.
This is going to hurt workers, too. Twenty percent of employers expect to increase the proportion of part-time workers, versus only five percent who expect to go the other way. About 22 percent plan to cut wages and benefits, versus only six percent who plan to increase them. With respect to benefits, 68 percent (two thirds) of business leaders plan to cut the range of services covered or size and breadth of their provider networks.
Customers will also pay: 25 percent (one quarter) of business leaders admit that they will raise prices because of Obamacare, versus only two percent who say they will cut prices.
And this is New York, where the political class clings bitterly to Obamacare. What would it take to get them to admit that it is failing?