“One provision of the new healthcare law is a 2.3% excise tax on the medical device industry which will take effect in 2013. This study estimates the potential effect of the device tax on employment in the medical device industry. The study finds that the tax could reduce employment in the industry by cutting back on the demand for medical devices and by encouraging American firms to shift production overseas.”
“The best thing that Congress can do to unleash jobs creation is to repeal the Patient Protection and Affordable Care Act.
The law is discouraging businesses from hiring. According to a recent U.S. Chamber of Commerce survey, 39 percent of small business owners say the law is either their greatest or second-greatest obstacle to new hiring.
The president of the Federal Reserve Bank of Atlanta, Dennis Lockhart, says that ‘prominent’ among the obstacles to hiring is the ‘lack of clarity about the cost implications’ of the legislation.”
“In the early months of 2010, the economy was starting to show signs of life after the recession. Then Congress passed the president’s health-overhaul law. Debate over the ObamaCare law’s potential impact on hiring and the economy has been fierce from the start. The president promised it would be a boon to both; then-Speaker Nancy Pelosi said the law would create 400,000 jobs ‘almost immediately.’ Others argued the law would make businesses much less likely to hire new workers. That debate should now be over.”
“Is employer-sponsored health insurance on life support? A new survey shows that one out of every 10 midsized and large companies say they’ll stop offering health insurance once federal insurance exchanges kick off in 2014, according to the survey, which was conducted by consulting firm Tower Watson.”
“Now, there’s a new study that suggests that employer dumping under Obamacare could be significant, leading to an explosion of the law’s costs and thereby the federal debt. A working paper by economists Richard Burkhauser and Sean Lyons of Cornell and Kosali Simon of Indiana, published by the National Bureau for Economic Research, examined various reasonable assumptions regarding the behavior of employers under the law.”
“There are 34 million ways to order a Domino’s Pizza, so, thanks to President Obama’s national health care law, the chain’s franchisees may have to spend more than $5 million attempting to squeeze calorie data next to every one of their menu items.”
“Twenty (20) percent of small employers currently offering expect to significantly change their benefit package and/
or their employees’ premium cost-share the next time they renew their health insurance plans. Almost all significant
changes expected involve a decrease in benefits, an increase in employee cost-share, or both. Since enactment, one in eight (12%) small employers have either had their health insurance plans terminated or been told that their plan would not be available in the future. Plan elimination is the first major consequence of PPACA that small-business owners likely feel.”
“Obamacare thwarts potential hiring in three ways, as the Heritage study points out. The law excludes firms with fewer than 50 employees from its mandates, so companies aren’t going to expand and hire if it means exceeding that cap. Companies that employ more than 50 workers already will see their costs rise as they must provide insurance that meets the government-defined minimum requirements or pay a penalty. The biggest problem of all, of course, is the uncertainty Obamacare creates.”
“Bernie Marcus co-founded Home Depot (HD) in 1978 and brought it public in 1981 as the U.S. was suffering from the worst recession and unemployment in 40 years. The company thrived, creating hundreds of thousands of jobs and redefining home improvement retailing… ‘His speeches are wonderful. His output is absolutely, incredibly bad. As he speaks about cutting out regulations, they are now producing thousands of pages of new ones. With just ObamaCare by itself, you have a 2,000 page bill that’s probably going end up being 150,000 pages of regulations.'”
“Private-sector job creation initially recovered from the recession at a normal rate, leading to predictions last year of a ‘Recovery Summer.’ Since April 2010, however, net private-sector job creation has stalled. Within two months of the passage of Obamacare, the job market stopped improving. This suggests that businesses are not exaggerating when they tell pollsters that the new health care law is holding back hiring. The law significantly raises business costs and creates considerable uncertainty about the future. To encourage hiring, Congress should repeal ObamaCare.”