The President talks about the pain being felt by small business, and some of the steps taken by his Administration to help a segment of our economy that creates so many jobs. And yesterday’s New York Times had a story detailing the massive hike in health care costs that these small business will face next year. From the Times:
Insurance brokers and benefits consultants say their small business clients are seeing premiums go up an average of about 15 percent for the coming year — double the rate of last year’s increases. That would mean an annual premium that was $4,500 per employee in 2008 and $4,800 this year would rise to $5,500 in 2010.
While debate continues the Republican Leader, Mitch McConnell, said Republicans cannot be in favor of any plan that “raises premiums”. I am not sure what his thoughts are on 15 percent hikes in small business premiums, or how we all survive with that rate of increase. Health care continues to strangle the economy, effectively wiping out our chance to recover from the recession and create jobs. The numbers are frightening, and the solutions to the crushing cost explosion in health care do not seem to be on the radar screen.