Does anyone else get tired of saying “I told you so” on a multitude of subjects that are dear to the left? Take ObamaCare (please!):
Aetna’s decision to abandon its ObamaCare expansion plans and rethink its participation altogether came as a surprise to many. It shouldn’t have. Everything that’s happened now was predicted by the law’s critics years ago.
Of course it was. For instance:
Who could have envisioned such problems? Not ObamaCare backers. They were endlessly promising that the law would create vibrant, highly competitive markets that would lower the cost of insurance.
Critics, however, were spot on. They said that, despite the individual mandate, ObamaCare wouldn’t attract enough young and healthy people to keep premiums down.
Critics predicted sharp hikes in premiums and big increases in medical claims. That’s what’s happened.
Critics said people would game the system, waiting until they got sick to buy insurance, then canceling it once the bills were paid, because of the law’s “guaranteed issue” mandate. That’s happening, too. In fact, administration officials are trying to tighten the rules to mitigate this problem.
Yes, friends, I’m shocked … truly shocked. Can’t you tell? All ObamaCare has done is layer cost and more costly regulation on an already expensive industry. Value added? Nothing.
Speaking of “I told you so” – minimum wage. Here’s the tale from Seattle:
The average hourly wage for workers affected by the increase jumped from $9.96 to $11.14, but wages likely would have increased some anyway due to Seattle’s overall economy. Meanwhile, although workers were earning more, fewer of them had a job than would have without an increase. Those who did work had fewer hours than they would have without the wage hike.
Accounting for these factors, the average increase in total earnings due to the minimum wage was small, the researchers concluded. Using their preferred method, they calculated that workers’ earnings increased by $5.54 a week on average because of the minimum wage. Using other methods, the researchers found that the minimum wage hike actually caused total weekly earnings to drop — by as much as $5.22 a week.
The minimum wage isn’t done increasing in Seattle. Soon it goes to $13 and finally to $15 an hour. But:
Increasing the minimum wage increases the costs of hiring workers. As a result, employers must accept reduced margins or customers must pay steeper prices.
If employers cannot stay in business while paying their staff more, they will either hire fewer people or give their workers fewer hours. As a result, even if wages per hour increase, workers’ total earnings could decline.
That’s reduction in people or hours (or both) is exactly what they’re seeing at $11.14. Imagine the impact of $13 and finally $15 an hour. As usual, leftist economic ignorance hurts those who can least afford it. But, of course, that’s not who will get the blame when unemployment soars, is it?
This isn’t rocket science or even a difficult economic concept. But, like ObamaCare, the economic principles are roundly ignored. And, like ObamaCare, the results are entirely predictable.
Meanwhile in “Whack-a-do” land the “Three Blind Mice” just aren’t acceptable:
A University “Bias Incident Team” took a carving knife to three students’ “three blind mice” Halloween costumes last fall, saying the costumes mocked the disabled.