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Obamacare Claims Another Victim as Company Forced to Close Down
Posted By yihan On October 2, 2013 @ 6:08 am In Economic Crisis,Featured Stories,Old Infowars Posts Style,Tile,U.S. News | Comments Disabled
Chiropractic clinic in Pennsylvania can no longer afford to operate
Paul Joseph Watson
October 2, 2013
A chiropractic clinic in Pennsylvania has become the latest victim of Obamacare, being forced to close down as a result of receiving reduced payments from insurance companies.
The Restored Balance chiropractic clinic in York, Pennsylvania closed its doors on September 27, four days before the launch of nationwide online Obamacare exchanges.
The reason given for the closure of the business was outlined in an email that a patient forwarded to Infowars:
“The most recent changes in ObamaCare impacted how Restored Balance got paid by insurance companies for the services we rendered. The reduced payments were not substantial enough to cover the cost of the labor, overhead expenses, and other liabilities incurred by the business. We sought to combat this insurance impact my shifting to a cash-only practice but too many of our clients relied solely on their insurance to cover our services and ceased coming. Restored Balance DID NOT close due for any other reasons than those stated above,” the email states.
Restored Balance served around 1400 patients before it was forced to close down.
Small businesses like Restored Balance are likely to be the hardest hit by the new law. Many companies have simply chosen to close down rather than face the spiraling costs Obamacare will bring. An example is CiCi’s Pizza franchise owner Bob Westford, who pointed out that the additional $221,000 in taxes as a result of Obamacare was $78,000 more than the combined profit of his three restaurants, making the decision to shut up shop a no brainer.
Whereas giant companies like McDonalds have received waivers, almost half of small businesses said they froze hiring as a result of the Affordable Care Act and one fifth said they had been forced to fire workers. Numerous companies announced last year that they would be laying off hundreds of employees. Many businesses are also reducing the number of hours their employees work in order to avoid Obamacare mandates. A Congressional Budget Office analysis found that Obamacare was likely to cost the US economy 800,000 jobs by the end of the decade.
As we highlighted yesterday, the only entities that seem to be benefiting from Obamacare are giant insurance companies, who all saw their stock prices saw yesterday. That’s unsurprising given that it was the insurance companies who wrote the foundational document for Obamacare in the first place.
In the meantime, millions of Americans were unable to access online Obamacare exchanges, many of which crashed because they were unable to handle the traffic.
Although the White House has claimed premiums will be “lower than expected” under Obamacare, a Manhattan Institute analysis found that “Obamacare will increase underlying insurance rates for younger men by an average of 97 to 99 percent, and for younger women by an average of 55 to 62 percent.”
Studies by the Congressional Budget Office found that some Americans will face premium increases of 203% under Obamacare. The new law will increase health care spending by over $7000 for a typical family of four.
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