The President defended the delay in his health care law.
On Tuesday, President Barack Obama defended the most recent delay of his health care act.
Speaking earlier this week, Obama announced the new delay in his health care act, which requires all but the smallest businesses to provide health coverage for their full-time employees, or face a tax penalty. The new regulations will give medium-sized businesses an additional year to adjust, and phase in the same requirement for large-scale employers.
President Obama, in a response to criticism from the Republican Party, noted that the law will be “good” for the U.S. economy. Republicans are not fond of the act as the government estimates that it will shrink the labor force by about 2.5 million full time workers over the next decade.
“Our goal here is not to punish folks. Our goal is to make sure that we’ve got the people who can count on the financial security that health insurance provides” President Obama said at a news conference where we joined French President Francois Hollande.
The introduction of the Patient Protection and Affordable Care Act is not popular among Republicans. Obama and top Democrats faced an outcry from millions of private health insurance policyholders whose plans were canceled because they do not comply with the law’s new standards. Shortly after, The White House responded by allowing the effected individuals to renew non-compliant plans, and offered “hardship exemptions.”
Despite the Republicans negative views on the act, Obama has tried to focus on the positives of the proposal by pointing out the fact that individuals will no longer need to work extra hours to pay for healthcare.
“It’s giving people more flexibility and more opportunity to do what makes sense for them, and ultimately, I think that’s going to be good for our economy.” Obama said.