Recapping the day's news and newsmakers through the lens of CNBC.
Obamacare good for business? C'mon now
Obamacare goes live on Tuesday, and owners and managers of many small businesses have been wringing their hands, worried health care expenses will torpedo profits and make it too expensive to hire. But some small business experts say the hit won't be so bad. Customer demand, not health care costs, determine the right staff levels, they say. And when it comes to red tape and paperwork, well, that's what your accountant is for. Recently, the rise in health insurance premiums has been slowing dramatically. Finally, many young, healthy, modestly paid workers may decline coverage, letting the boss off the hook.
"When it first came out, everyone said, 'Oh my God, it's going to kill our cash flow; it's not going to work.' The knee jerk was this is very bad thing for our business. ... [But Obamacare] doesn't have to be painful."—Gary Levy, head of the hospitality industry practice at CohnReznick, an accounting firm
"We recently expanded [our staff] in part because now we know what to expect with our health care premiums."—Jim Houser, owner of Hawthorne Auto Clinic in Portland, OR