FILE - In this Tuesday, March 27, 2012 file photo, Amy Brighton from Medina, Ohio, who opposes health care reform, holds a sign in front of the Supreme Court in Washington during a rally as the court continues arguments on the health care law signed by President Barack Obama. Entrenched political divisions over "Obamacare" have driven most Republican-led states to turn their backs on the biggest expansion of the social safety net in a half century. (AP Photo/Charles Dharapak)
Who Should Worry About Obamacare's Impacts?
Buffalo, NY (WBEN) Friday's vote by the House to defund the Affordable Health Care Act, or Obamacare, is fueling the fires of debate on the topic. One financial expert says everyone should have concerns.
"We've seen a lot of corporations that are starting to cancel their plans and move people off their retirement," says Glenn Wiggle of The Financial Guys. "On the affordability side, you'll have a whole slew of new taxes and regulations, and I think it will be a debacle." Wiggle adds states like California are increasing premiums by as much as 60 percent.
Employment is a concern too. "We're seeing a lot of companies cut hours to 30 hours or less to avoid paying fines or providing the necessary coverage," notes Wiggle.
Wiggle says President Obama's solution is not the answer. "What we need is more tort reform, we need more competition, we need to make the patient the consumer ultimately, and tell them what the cost is for these procedures," explains Wiggle.
He also notes a new form is added to your tax returns to note your health care, and "the more we find out what's in it, the more people and corporations don't like it."