Classic Stossel: Obamacare

0:00Myth number six, Obamacare is good for business. You're good. Yeah. Democrats say it is. The fact is, it's very good for small business. It's incredibly good for small business. They are why we committed ourselves to this cost. The White House specifically says on its website, Myth Debunked, business will not suffer under health reform. It's all good, Obamacare. It's not going to hurt business. You can't be wealthy unless you're healthy. You may remember Congressman Alan Grayson's support of Obamacare. Remember the Republican plan. Don't get sick. And if you do get sick, die quickly. I was surprised to learn Grayson used to be a businessman. He helped create a tech company called IDT. With penny talk from IDT, international calls to... He's an unusual politician. Having really created something, created wealth, run IDT. I would think you would see the burden all these rules put on businesses. Point to one rule that actually has had a dramatic impact

1:02on job creation or on small business. Well, it's not so much one rule. It's the pile of rules. Here's Obamacare. And this is just the start because many pages say the secretary shall produce more regulation. Well, puts together that big pile of rules. Which are the bad ones? All right. What about the tax on medical devices? A bunch of Democrats now object to this. Listen, we have to pay for it somehow. Obamacare imposes a steep tax on companies that make medical devices. Things like pacemakers, artificial limbs, digital thermometers. This can be a profitable business, but it's also one that saves lives. The new tax means they'll probably save fewer lives. So now, even many Senate Democrats want that part of Obamacare killed. Don't we want more medical devices? When you pass a law that costs something, you have to come up with the money for it. Obamacare also forces more business owners

2:02to pay more for workers' health care. Lauren Goodridge runs restaurants in Maine and New Hampshire. Thanks for choosing Subway today. He hires lots of kids and offers health insurance to most full-time workers who stick around. You got 20 subway shops. Yes. How many employees? I have 180 employees. So Obamacare, the point, is to get your employees better health care. I think it's a noble cause, but I can't provide for every single need of every single employee. In a low-margin, retail, restaurant, and business, this bill is devastating. Goodridge says his profit margins already smaller, because he's had to pay specialists to try to explain Obamacare's rules. Accountants in insurance agents and lawyers to try to figure out how I'm going to be able to comply with the bill. And they still can't give me the answer. We're going to get for you. Obamacare says he must buy expensive insurance for all full-time workers or pay a fine. Either he says we'll slash his profit.

3:03I can hear the people listening saying, so what? He's a rich guy. He's got 20 stores. Make less profit. Yeah. Well, you could say that, but you have to have a profit to be able to expand your business. I'm not going to be hiring more people. So raise prices. I have so many customers that come in with the exact change for the lunch in their hand. They're very, very price-conscious. I just wonder, who are these businesses on the margin? You know, they're all with some. Just not sure. If expanding is going to make them a profit. So on the basis of that, we're going to deny 15 million people coverage. It's nice to give people coverage, but he does impose costs. Goodridge says the cost will force him to cut full-time workers. I'll absolutely have to cut many people down a part time. And people the law was meant to help. Maybe him, maybe her, will be hurt. They'll have to go get another job. They'll have to work two jobs to make ends meet, which is sad.

4:05It's an extra burden. You're always adding burdens. Who's we? You congressman. You democratic congressman, especially. I visited communist countries while they were still communist, okay? I know what it looks like to be in a place where there really is a burden. I don't see our country being that way. And we're not yet, but we should learn from history and stop putting more burdens on guys like him. You need me. I employ your teenagers. Some have gone off to run their own businesses because of my training. My business is needed. You