The decision is in and fortunes are rising and falling following the Supreme Court decision on health care. If you missed it, SCOTUS basically upheld it as a power to tax. Remember folks, all things necessary and proper.
Here’s some early share numbers.
Cigna was down 4.69 percent but finished off just 2.69 percent
Aetna down 3.59 percent initially was able to claw back some of that loss but still finished 2.71 percent lower.
UnitedHealth down 3.19 was able to fight back to post a gain on the day of 0.52 percent.
Shares in many big name hospitals posted strong gains on the day ranging from 5 to 10 percent.
Reactions in Connecticut on the impact to the business climate was mixed with one economic guru admitting he was out clamming and had no clue how this would impact the economy going forward.
Paul Schatz, president and CIO of Woodbridge-based investment advisory Heritage Capital, sees it as almost all negative:
“SCOTUS ruling is negative for stocks, negative for the economy and negative for the political nonsense.
GDP will weaken and this adds more credence to my forecast for a recession in 2013 or 2014.
Wait until the criminals game the system now! Why can’t a company dump their health care plan, pay the fine and then send all employees to Medicaid? States will take it on the chin and that’s also a negative for muni bonds.
Also negative for jobs as it’s more counter productive to hire.
Probably a positive for hospital companies.”
Paul Timpanelli, president and CEO of the Bridgeport Regional Business Council, said he was glad the court ruled.
“I’m very pleased that this question is now behind us and we now have the opportunity to determine the real impact of this landmark law. Having all Americans now protected says a great deal about who we are as a country,” Timpanelli said.
Connecticut’s Congresswoman Rosa DeLauro sees it as a positive for families and their budgets:
This is her official press release, moved shortly after decision.
DeLauro Statement on Supreme Court Upholding Affordable Care Act
Calls for Renewed Focus on Job Creation, Building Strong Middle Class
Washington, DC – Congresswoman Rosa DeLauro (D-CT) released the following statement today on the Supreme Court’s decision upholding the Affordable Care Act. DeLauro, the senior Democrat on the Labor-HHS Appropriations Committee, fought for comprehensive health care reform for years and was a leading champion for health care reform.
“This is a victory for the American people. Families across the country will benefit from the Supreme Court’s decision to uphold the Affordable Care Act. Women will still have access to affordable preventative services, children with preexisting conditions will get the care they need and seniors will continue to save billions on their prescription drug costs. And so critical in this economic climate are the aspects of the Affordable Care Act that will help stem rising health care costs, such as ensuring at least 80 percent of premium dollars actually pay for health care, not corporate profits.
“The uncertainty created by the false questioning of the Act’s legality has been settled and states, insurance companies and businesses can move forward and keep carrying out the important health care and consumer protection provisions contained in the law. With this decision Congress can focus on what matters most to American families—strengthening our economy, creating jobs, generating economic growth and building a stronger middle class.”
The decision didn’t delight all in Connecticut.
Here’sthe National Federation of Independent Business’ take on it, out of Hartford:
Hartford (June 28, 2012) —The Supreme Court’s decision today upholding the controversial Affordable Care Act and its heavy-handed individual mandate is a deep disappointment to small businesses everywhere, said the National Federation of Independent Business (NFIB) today.
“While we are certainly disappointed, NFIB respects the decision to uphold the individual mandate by the Supreme Court. Clearly this mandate has now become a tax on all Americans and a broken campaign promise from President Obama not to raise taxes,” said Dan Danner, President and CEO of the National Federation of Independent Business. “We are concerned about the precedent that this will set in Congress’ ability to mandate other aspects of our lives, but we will move forward from today to continue to fight, harder than ever, for real health-care reform for our membership.
“Under PPACA, small-business owners are going to face an onslaught of taxes and mandates, resulting in job loss and closed businesses. We will continue to fight for the repeal of PPACA in the halls of Congress; only with PPACA’s full repeal will Congress have the ability to go back to the drawing board to craft real reform that makes reducing costs a number one priority. The power and control of health-care decisions should be in the hands of the consumer, not the government.”
“This day will go down in history as the day when Americans lost a part of their freedom – the freedom to choose what to buy with their own money.” said Karen Harned, Executive Director of NFIB’s Small Business Legal Center.
NFIB State Director Andrew Markowski said the ruling guarantees that Connecticut residents will have their most personal health care decisions made by politicians and bureaucrats in Washington and in other states whom they’ve never met and whom they’ll have a hard time influencing in the future.
“The tragedy in this ruling is that Connecticut residents are now at the mercy of politicians from other states and bureaucrats in Washington whose decisions won’t be based on what is best for Connecticut,” said Markowski. “Small businesses here will be overwhelmed by mandates, taxes and burdens imposed on them by people whom we cannot as easily hold accountable.”
NFIB Small Business Legal Director Karen Harned said the decision amounts to a loss of freedom for Americans.
“This day will go down in history as the day when Americans lost a part of their freedom – the freedom to choose what they want to buy with their own money when they want to buy it, apart from the government telling them they must purchase a product they may or may not want,” said Harned.