Forbes: Affordable Care Is a Political Timebomb

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Nov. 27 (Bloomberg) -- Forbes Media Chairman and Editor-In-Chief Steve Forbes discusses the Affordable Care Act and the future of media with Trish Regan on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Iranian diplomacy situation.

We were talking about the president and you're concerned that there has been divide not just over the iran situation but obama care.

The affordable care act.

And the discord that it has created within the system and what it means for the overall economy.

How do you see this playing out?

Collects the uncertainty of not knowing what your labor is going to cost, this is happening and hitting smaller businesses.

Bigger businesses will be hit at the end of the year.

That has hurt job creation.

The idea that this high-tech age that we have had limited choices offered by the government and they have to get the difference as to what you offer and it is preposterous.

Do you think it's unconstitutional?

What they called the ipad board, the independent payment advisory board, it will go to the courts with the lack of accountability.

I think it's going to be declared unconstitutional.

It's certainly been a challenge, the rollout of the program.

They have criticized it for being rolled out too soon.

A lot of the technical glitches have not been dealt with.

It's been a real challenge to deal with some of those concerns.

It is showing up in some of the polling so i will share some of this with you.

The president's overall favorability has declined pretty significantly from previous.

40% unfavorable, do you think that is stemming from the affordable care act and how this has been rolled out?

Quicksand all of the fear that it has espoused.

Healthcare is the most personal thing possible.

He you, your kids, your grandkids, your parents.

That arouses intense anger and anxiety.

They are feeling the emotional impact.

This not just in the numbers and polls but literally 7 million people who will be very active in a way we have not seen since 2010 involved in the general election.

This is a political time bomb and they don't know quite what to do with it.

How are things going in terms of the economy?

Are they going in the right direction?

68% of americans saying we are going in the wrong direction yet the stock market is at a new high every day.

There's a bit of a disconnect there even in real terms when you make the case that it's gone nowhere for 50 years.

The market has gotten a little ahead of itself.

It is a suckers game but it is fully priced.

How do they get out of qe?

They don't know.

We had a little taste in may when outgoing chairman ben bernanke said they might do a little tapering.

Is that because of the shutdown?

It's because they underestimated what the market reaction would be.

They did not have a plan b and sort of went back to the drawing board and said it was your ball.

One of the first things that happened was by mispricing credit or suppressing the normal pricing of credit it has hurt credit flows to small businesses and new businesses, two sweet spot for job creation.

The more the fed does q8, the worse the economy is.

It has had the highest threat so why do you need to go out and invest today when you could wait for tomorrow or next year?

As we look ahead again to 2014, you run a big media company as the ceo of forbes media and there is talk that your company may be up for sale, you have hired deutsche bank to represent the company and its sale.

Why do that now?

We have done groundbreaking things on the web that i don't think any other traditional printer media company has done.

I read traffic has tripled in the last four or five years and we are now over 50 million unique visitors per month.

The way we did our marketing profoundly changed and it got the attention of people and they said they wanted to know more so we are gratified by the interest and we will see how it goes.

Whatever we do, we will continue this groundbreaking work because the situation is do or die.

Traditional media is shrinking.

We are in a golden age of communication.

Content creation is done by everybody in people who worry about misinformation going out there, if you let people read you, you put out something you don't think is right and you hear about it right away.

You have this huge interaction with social media and a way you have not had before.

And mobility.

People not reading everything.

Huge growth.

You have seen this growth and you have been successful in the digital space but would you be committed and continuing the business and continuing to expand that digital platform?

If we end up not doing it, someone else will.

In terms of content creation, almost tear royce about what happened when tv was in its early days and they thought it was a threat.

Procter and gamble, that is how we got soap operas.

And then hollywood took it over but everyone is doing it now.

How do you succeed?

Those who recognize the new era of interactive content creation, it involves everyone now in the key thing about branding, we believe in entrepreneurial capitalism but do so in a way that would not have been possible before.

In the old days of print, we would have 1300 or 1400 articles per year.

But on the web we are doing 120,000. everyone now suddenly has a voice.

Thank you so much, steve forbes.

Happy thanksgiving.

You too.

This text has been automatically generated. It may not be 100% accurate.


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