Fed: ObamaCare Kills Jobs

The House Ways & Means Committee recently shared data from the Federal Reserve’s Beige Book detailing that employers cite ObamaCare as a major job killing force.  From the Book, “Employers in several Districts cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff.”

Also from the Report:

Cleveland – “…[M]any were uneasy about fiscal issues and implications of the Affordable Care Act on their businesses.” (Manufacturing Sector” and “Many of our contacts are concerned about the implementation of the Affordable Care Act and the effect it will have on their total labor cost.” (Retail Sector)

Richmond – “Many contacts also commented on reluctance to expand due to uncertainty surrounding the Affordable Care Act; some employers cut hours or employees.”

Dallas –  “Staffing services firms noted flat demand overall since the last report but saw an unexpected decline in direct hires. One contact saw a few signed contracts designed to circumvent the Affordable Care Act (ACA) by utilizing a temporary employee full time, then hiring that person on a permanent but part-time basis once the ACA goes into effect.” (Nonfinancial Services Sector)

 Chicago – “A number of contacts voiced concern about the uncertainty surrounding future employer and employee healthcare costs. In addition, several reported changing their health insurance enrollment periods this year in order to match the deadlines of the Affordable Care Act.”

Philadelphia – “Overall, most bankers remained optimistic, although they expressed uncertainty on behalf of their business customers and for themselves over the implications of both the Affordable Care Act and a prolonged government shutdown.” (Financial Services Sector)

WAM’s press statement can be found here and the Beige Book can be found here.

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