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Obamacare Is Already Reducing Employment
Posted By James Sherk On February 3, 2014 @ 12:01 pm In Front Page,Obamacare | Comments Disabled
Employers are responding to the uncertainty of the Obamacare rollout by slashing hours and limiting their new hires.
Although the Obamacare employer mandate will not take effect until next year, employee health insurance premiums  have already skyrocketed. And surveys  report that many business owners  are making changes based on Obamacare in terms of employee hours and hires.
Federal Reserve banks have heard the same concerns. The Federal Reserve recently released its January Beige Book , which “gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources.” The Beige Book finds businesses repeatedly stating that Obamacare and rising health care costs have held back the labor market:
Obamacare has substantially increased the cost of doing business. That ultimately hurts current workers—especially job seekers—by making businesses more cautious about hiring new employees.
Jacob Deveney is currently a member of the Young Leaders Program at The Heritage Foundation. For more information on interning at Heritage, please click here .
Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2014/02/03/federal-reserve-finds-obamacare-reducing-employment/
URLs in this post:
 Image: http://blog.heritage.org/wp-content/uploads/afplivefive400711.jpg
 premiums: http://blog.heritage.org/2013/08/28/higher-premiums-both-now-and-later/
 surveys: http://emarket.franchise.org/IFAChamberSurveyResults.pdf
 many business owners: http://www.gallup.com/poll/162386/half-small-businesses-think-health-law-bad.aspx
 Beige Book: http://www.federalreserve.gov/monetarypolicy/beigebook/beigebook201401.htm
 click here: http://www.heritage.org/about/departments/ylp.cfm
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