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What happened to all of the doom and gloom economic threads?
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mercury14
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Look our turd rolling blue bottle fly checks in with another "tainted" rant.
Most people give up the constant poop talk by age 4.
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RobDownSouth
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It's one quarter of his rhetorical arsenal.
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Look out below! Work more, get less in Obamacare 'cliff'
Be careful you don't fall off the Obamacare "cliff" when the boss asks you to put in some overtime.
Working more could ultimately mean thousands of dollars less for you under a quirk in the new health-care law going into effect this fall. This could prompt some people to cut back on their hours to avoid losing money.
"Working more can actually leave you worse off," the price-comparison site ValuePenguin.com notes in a new analysis.
"It's sort of an absurd scenario," said Jonathan Wu, ValuePenguin.com's co-founder. "It's something for people to be aware of."
In that scenario, an individual or family whose annual income surpasses maximums set by the federal government—if only by $1—will totally lose subsidies available to buy health insurance under the Affordable Care Act.
The loss of those subsidies in some cases will mean that people potentially would have been better off financially if they had worked less during the year, Wu said. And they then would have to work significantly more to make up for the lost subsidy.
CKE Restaurants CEO Andrew Puzder explains why he thinks the employer mandate of Obamacare should be "permanently waived." "I think they'd be surprised to see how drastic it is," said Wu. "I'd be kind of shocked to see if I make $100 less (in total income each year), I get all these benefits, but if I make $100 more, I get nothing."
"You basically don't want to fall in that hole," said Wu, adding that he believed contractors and others with more control over their incomes would be apt to adjust their hours worked to avoid the subsidy cliff.
He also said that because of lower insurance premiums often offered younger people, the effect will more likely be seen by older people. But "you will see it across all age groups" in the seven states including New York and Vermont where insurance premiums are either barred from being affected by age, or restricted from being dramatically affected, he said.
Under the ACA, federal subsidies in the form of tax credits to buy insurance on new state health insurance exchanges will be available to millions of people who can start enrolling on those exchanges Oct. 1. The subsidies are available to people or families whose incomes total 400 percent above the federal poverty level or less, and are designed to cap their insurance premiums at 9.5 percent of their total income.
Doing the math
For a single person, that FPL income maximum is $45,960 per year. The maximums are adjusted upward for couples and families until maxing out at $94,200 for a family of four.
Under a scenario that ValuePenguin.com identified, a couple in Ohio, both age 50, would be eligible for subsidies worth $3,452 to purchase a so-called silver insurance plan—a moderately priced level of benefits under the ACA's scheme—that costs $9,346 annually if they made up to $62,040 per year.
But if they made just $1 more than that, they would lose the subsidy. Wu noted that the couple then would have to earn at least $65,492 to make up for the lost subsidy.
Maximum income levels for Obamacare insurance subsidies, and premium maximumshttp://www.cnbc.com/id/100921864
Household Size 400% FPL Premium Cap
1 (Single) $45,960 $4,366
2 (Couple) $62,040 $5,893
3 $78,120 $7,421
4 $94,200 $8,949
Source: ValuePenguin.comIn New York, a family of three whose annual income totals $78,120, would pay $12,784 for the second-lower-priced silver plan on that state's insurance exchange. After getting a $5,363 tax credit, the family's net cost for the insurance would be $7,421.
But if the family earned even slightly more than $78,120, they would have to pay the entire $12,784 for the insurance because they then wouldn't qualify for the subsidy.
To make up for that, the family's annual income would have to reach $83,483, Wu said.
The age effect
The stark effect of peoples' age in determining their risk from the subsidy cliff is seen in two examples from Connecticut.
There, Wu said, a 27-year-old single man would pay $3,636 annually for the second-cheapest silver plan—less than the $4,366 cap on insurance premiums for individuals earning $45,960 or less annually. That person would not be eligible for subsidies, and thus would see no disincentive in working more hours.
But the annual premiums for a 50-year-old Connecticut couple buying that plan would be $12,468. If their combined incomes were $62,040 or less, they would receive $6,575 in subsidies to offset the cost.
However, if their income was more than that, they would lose the subsidies, leaving them out of pocket $6,575. They then would have to earn at least $68,615 to make up for that lost subsidy, Wu said.
—By CNBC's Dan Mangan. Follow him on Twitter @_DanMangan
Be careful you don't fall off the Obamacare "cliff" when the boss asks you to put in some overtime.
Working more could ultimately mean thousands of dollars less for you under a quirk in the new health-care law going into effect this fall. This could prompt some people to cut back on their hours to avoid losing money.
"Working more can actually leave you worse off," the price-comparison site ValuePenguin.com notes in a new analysis.
"It's sort of an absurd scenario," said Jonathan Wu, ValuePenguin.com's co-founder. "It's something for people to be aware of."
In that scenario, an individual or family whose annual income surpasses maximums set by the federal government—if only by $1—will totally lose subsidies available to buy health insurance under the Affordable Care Act.
The loss of those subsidies in some cases will mean that people potentially would have been better off financially if they had worked less during the year, Wu said. And they then would have to work significantly more to make up for the lost subsidy.
CKE Restaurants CEO Andrew Puzder explains why he thinks the employer mandate of Obamacare should be "permanently waived." "I think they'd be surprised to see how drastic it is," said Wu. "I'd be kind of shocked to see if I make $100 less (in total income each year), I get all these benefits, but if I make $100 more, I get nothing."
"You basically don't want to fall in that hole," said Wu, adding that he believed contractors and others with more control over their incomes would be apt to adjust their hours worked to avoid the subsidy cliff.
He also said that because of lower insurance premiums often offered younger people, the effect will more likely be seen by older people. But "you will see it across all age groups" in the seven states including New York and Vermont where insurance premiums are either barred from being affected by age, or restricted from being dramatically affected, he said.
Under the ACA, federal subsidies in the form of tax credits to buy insurance on new state health insurance exchanges will be available to millions of people who can start enrolling on those exchanges Oct. 1. The subsidies are available to people or families whose incomes total 400 percent above the federal poverty level or less, and are designed to cap their insurance premiums at 9.5 percent of their total income.
Doing the math
For a single person, that FPL income maximum is $45,960 per year. The maximums are adjusted upward for couples and families until maxing out at $94,200 for a family of four.
Under a scenario that ValuePenguin.com identified, a couple in Ohio, both age 50, would be eligible for subsidies worth $3,452 to purchase a so-called silver insurance plan—a moderately priced level of benefits under the ACA's scheme—that costs $9,346 annually if they made up to $62,040 per year.
But if they made just $1 more than that, they would lose the subsidy. Wu noted that the couple then would have to earn at least $65,492 to make up for the lost subsidy.
Maximum income levels for Obamacare insurance subsidies, and premium maximumshttp://www.cnbc.com/id/100921864
Household Size 400% FPL Premium Cap
1 (Single) $45,960 $4,366
2 (Couple) $62,040 $5,893
3 $78,120 $7,421
4 $94,200 $8,949
Source: ValuePenguin.comIn New York, a family of three whose annual income totals $78,120, would pay $12,784 for the second-lower-priced silver plan on that state's insurance exchange. After getting a $5,363 tax credit, the family's net cost for the insurance would be $7,421.
But if the family earned even slightly more than $78,120, they would have to pay the entire $12,784 for the insurance because they then wouldn't qualify for the subsidy.
To make up for that, the family's annual income would have to reach $83,483, Wu said.
The age effect
The stark effect of peoples' age in determining their risk from the subsidy cliff is seen in two examples from Connecticut.
There, Wu said, a 27-year-old single man would pay $3,636 annually for the second-cheapest silver plan—less than the $4,366 cap on insurance premiums for individuals earning $45,960 or less annually. That person would not be eligible for subsidies, and thus would see no disincentive in working more hours.
But the annual premiums for a 50-year-old Connecticut couple buying that plan would be $12,468. If their combined incomes were $62,040 or less, they would receive $6,575 in subsidies to offset the cost.
However, if their income was more than that, they would lose the subsidies, leaving them out of pocket $6,575. They then would have to earn at least $68,615 to make up for that lost subsidy, Wu said.
—By CNBC's Dan Mangan. Follow him on Twitter @_DanMangan
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What they really meant to say was
WTF is WRONG with you....voting for a DUMBASS MARXIST MUSLIM NIGGER, WTF did you expect?????????????????
Fed slightly downgrades outlook, gives no QE hint
WASHINGTON (MarketWatch) -- The Federal Reserve on Wednesday slightly downgraded its economic outlook but gave no hint about its plans for its $85 billion-a-month asset purchase program. The statement released after a meeting of the Fed's policy making committee said that the economy was expanding at a "modest" pace, a change from the "moderate" pace seen in June. The Fed also noted that the rise in mortgage rates was a concern. It also said that persistently low inflation was a risk. There was only one dissent, by Kansas City Fed President Esther George.
WTF is WRONG with you....voting for a DUMBASS MARXIST MUSLIM NIGGER, WTF did you expect?????????????????
Fed slightly downgrades outlook, gives no QE hint
WASHINGTON (MarketWatch) -- The Federal Reserve on Wednesday slightly downgraded its economic outlook but gave no hint about its plans for its $85 billion-a-month asset purchase program. The statement released after a meeting of the Fed's policy making committee said that the economy was expanding at a "modest" pace, a change from the "moderate" pace seen in June. The Fed also noted that the rise in mortgage rates was a concern. It also said that persistently low inflation was a risk. There was only one dissent, by Kansas City Fed President Esther George.
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RobDownSouth
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Koalabear appreciation night at the Oakland/Toronto game:
Colon vs. Dickey
Colon vs. Dickey
koalabear
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jeninflorida
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thanks to obama, 4 out of 5 American's are now in poverty
yes we can!
yes we can!
phrodeau
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You're alive.
Busybody
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Busybody
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UPDATE 1: July 31, 2013
Spencer England at Angry Bear argues that “the average workweek has been amazingly stable over the past year, not at all what you would expect if Obama care was causing employers to shift their employees from full time to part time work.” I have 2 observations. First, imagine that in the worst case, 2.3 million workers lost 5 weekly hours of work due to Obamacare. That’s 11.5 million hours of lost ouput, but when divided among 135.9 million workers, it would reduce the average workweek by less than 1/10 of an hour. It turns out that the average workweek has declined by this amount since March (from 34.6 to 34.5 hours). Second, the figures for May and June are preliminary estimates that might well get adjusted downward once they are finalized. In short, the available evidence on weekly workhours is a soft reed on which to support a case that nothing is going on. More importantly, it’s a crude measure insofar as you could do a lot of damage to literally millions of individual lives without this statistic budging at all.
One other observation I should have made in the post itself is that the BLS defines PT as under 35 weekly hours whereas the ACA defines it as under 30 hours. To the degree employers are cutting back hours of existing PT workers (as BLS defines them), say by changing a 34 hour per week worker to 29 hours, the BLS count of PT workers will remain completely unchanged. This is yet another instance of how our available metrics may well be hiding a phenomenon that is much larger than it might appear
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Liberal Democrats: “Thousands of People Will Die” Because of Obamacare, So We Need Socialized Health Care…
They got half it right.
(CNSNews.com) – “Thousands of people will die every year,” and “costs will continue to go out of control,” because of Obamacare, according to a Democrat activist.
That’s why the only solution is to nationalize health care through a single-payer system, Reps. John Conyers (D-Mich.) and Rep. Keith Ellison (D-Minn.) and Sen. Bernie Sanders (I-Vt.) and the group Public Citizen argued outside the U.S. Capitol Wednesday.
“Is this realistic after the passage of the Affordable Care Act?” asked Public Citizen President Robert Weissman. “This is what we know is going to happen after the Affordable Care Act is implemented.
“However well it goes, whatever hiccups it has, two things are sure to happen,” he said. “One, millions of people are going to remain uncovered. And the best-case scenario, millions of people will remain uncovered, which means thousands of people will die every year from a lack of health insurance coverage.
They got half it right.
(CNSNews.com) – “Thousands of people will die every year,” and “costs will continue to go out of control,” because of Obamacare, according to a Democrat activist.
That’s why the only solution is to nationalize health care through a single-payer system, Reps. John Conyers (D-Mich.) and Rep. Keith Ellison (D-Minn.) and Sen. Bernie Sanders (I-Vt.) and the group Public Citizen argued outside the U.S. Capitol Wednesday.
“Is this realistic after the passage of the Affordable Care Act?” asked Public Citizen President Robert Weissman. “This is what we know is going to happen after the Affordable Care Act is implemented.
“However well it goes, whatever hiccups it has, two things are sure to happen,” he said. “One, millions of people are going to remain uncovered. And the best-case scenario, millions of people will remain uncovered, which means thousands of people will die every year from a lack of health insurance coverage.
mercury14
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If workers were significantly cutting back hours because of the ACA we would see a surge in jobs created (more jobs to cover the limited hours per job) or a surge in productivity (doing more with less employee hours), but we're not.
mercury14
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It's a good point, Obamacare should have gone further and been single payer.
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OBAMA THREATENS: Race Relations “May Get Worse” if He Does Not Get His Way
Another Day in the Post-Racial Presidency–
obama race riot
Obama threatened the GOP this week that “racial tensions may get worse” if he does not get his way with the economy.
The White House Dossier reported:
President Obama said that if economic prescriptions of the type he supports to increase economic growth and reduce “income inequality” are not adopted, then race relations in the United State may deteriorate further.
“If we don’t do anything, then growth will be slower than it should be. Unemployment will not go down as fast as it should. Income inequality will continue to rise,” Obama said in an interview published Sunday by the New York Times. “Racial tensions won’t get better; they may get worse, because people will feel as if they’ve got to compete with some other group to get scraps from a shrinking pot. If the economy is growing, everybody feels invested, ” he said.
With each passing day, Barack Obama looks more and more like a tinpot dictator.
More… Glenn Reynolds adds: WELL, I SAID A WHILE BACK THAT THE WORSE HE DID AS PRESIDENT, THE BLACKER HE’D DECIDE TO BE.
Another Day in the Post-Racial Presidency–
obama race riot
Obama threatened the GOP this week that “racial tensions may get worse” if he does not get his way with the economy.
The White House Dossier reported:
President Obama said that if economic prescriptions of the type he supports to increase economic growth and reduce “income inequality” are not adopted, then race relations in the United State may deteriorate further.
“If we don’t do anything, then growth will be slower than it should be. Unemployment will not go down as fast as it should. Income inequality will continue to rise,” Obama said in an interview published Sunday by the New York Times. “Racial tensions won’t get better; they may get worse, because people will feel as if they’ve got to compete with some other group to get scraps from a shrinking pot. If the economy is growing, everybody feels invested, ” he said.
With each passing day, Barack Obama looks more and more like a tinpot dictator.
More… Glenn Reynolds adds: WELL, I SAID A WHILE BACK THAT THE WORSE HE DID AS PRESIDENT, THE BLACKER HE’D DECIDE TO BE.
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"I’ll be perfectly honest — I’m thrilled at the response that people have had to the interview. You can’t buy this kind of publicity."
— Author and scholar Reza Aslan • Discussing the success his mind-boggling interview with Fox News has had in expanding the audience for his book, “Zealot." Aslan admitted that he knew what he was in for before the interview, having read a piece by Fox News columnist John S. Dickerson published earlier in the week and seen the early reaction to that piece. The result? Aslan was ready for his clueless interviewer, though he probably didn’t know the clip would reach as many people as it did. (Side note: Slate totally called that.)
If you haven’t watched this clip, do it. It is so deeply satisfying to see this lady get called on her bullshit.
http://shortformblog.com/post/56724002392/reza-aslan-fox-news
http://www.foxnews.com/opinion/2013/07/22/liberal-media-love-new-jesus-book-zealot-fail-to-mention-author-is-muslim/
http://www.slate.com/blogs/the_slatest/2013/07/29/reza_aslan_book_sales_zealot_author_knew_what_he_was_doing_on_fox_news_that.html
— Author and scholar Reza Aslan • Discussing the success his mind-boggling interview with Fox News has had in expanding the audience for his book, “Zealot." Aslan admitted that he knew what he was in for before the interview, having read a piece by Fox News columnist John S. Dickerson published earlier in the week and seen the early reaction to that piece. The result? Aslan was ready for his clueless interviewer, though he probably didn’t know the clip would reach as many people as it did. (Side note: Slate totally called that.)
If you haven’t watched this clip, do it. It is so deeply satisfying to see this lady get called on her bullshit.
http://shortformblog.com/post/56724002392/reza-aslan-fox-news
http://www.foxnews.com/opinion/2013/07/22/liberal-media-love-new-jesus-book-zealot-fail-to-mention-author-is-muslim/
http://www.slate.com/blogs/the_slatest/2013/07/29/reza_aslan_book_sales_zealot_author_knew_what_he_was_doing_on_fox_news_that.html
Busybody
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Well of course
Rep. Alan Grayson (D-Caveman) Wants Federal Government To Attack Small Businesses That Try To Avoid Obamacare’s Employer Mandate…
Brilliant idea! Let’s attack small businesses, that will do wonders for the economy.
Rep. Alan Grayson (D-Caveman) Wants Federal Government To Attack Small Businesses That Try To Avoid Obamacare’s Employer Mandate…Brilliant idea! Let’s attack small businesses, that will do wonders for the economy.
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