Guess blogger Milena Thomas, Associate Professor, Finance & Economics, shares the results of the latest Walsh College Economic Sentiment Survey.
Every six months we survey Walsh College alumni about their views of economic, business, and personal financial situations. In the latest round of our survey from the third quarter of 2013, we included a Special Module on the Patient Protection Affordable Care Act (PPACA), popularly referred to as “Obamacare.”
Respondents were overwhelmingly pessimistic about how PPACA would potentially impact the national and state economies five years from now. 73% believe the impact on the Economy over the next 5 years will make things worse or much worse, 64% believe the impact on businesses in the next 12 months will make things worse or much worse, and 56% believe their personal financial situation will be negatively impacted.
Overall, respondents believe PPACA will benefit some, but at a greater cost to the majority:
“More people will have access to medical care, which should create more jobs in the Health Care industry, AND it should improve the overall health of the citizens, which will increase productivity (less absence due to sick time).”
“Companies have been preparing for the increase in healthcare expenses starting about two years ago and have passed along these increased costs to the end user."
“I work in healthcare and the cost associated with mandates has been high... While I agree that our poor need affordable care I would have liked to see a different approach. I think this will be squarely on the back of the middle class and will not do our economy any good.”
For video commentary by Walsh College’s finance faculty, visit: www.walshcollege.edu/EconSurveyVideo. The survey is designed and implemented by the Walsh College Finance and Economics faculty. Participants include a representative sample of alumni.