ObamaCare’s implementation is causing many employers across the country to think twice about hiring as they consider the impact of its rules and regulations.
More than 3,500 pages of regulations have been penned since the law passed... and their impact is already being felt.
One of the companies Alexander spoke with told him that the regulatory changes that followed ObamaCare’s passage ate all of its profits from last year
, while another company said it slashed its workforce from 90 employees down to 70 per store.
Businesses are uncertain about the costs and the regulations... many are finding it is cheaper to hire part-time workers to get around having to offer health insurance...
“The overall regulatory burden falls hard on small businesses that have seen their health care premiums increase by more than 10% under ObamaCare,”... costs are expected to increase further in 2014 once the employer mandate takes effect in 2014.
According to Congressional Budget Office (CBO) estimates, employers will likely face nearly $52 billion in tax penalties between 2014 and 2019, which... will “reduce business growth and hiring.”
The same CBO report found that approximately 650,000 mainly lower-paid and lower-skilled workers could find themselves out of a job as a result of the health care law’s implementation during the second half of the decade.
Pitts sees particular problems for smaller businesses that will be hit harder by the law’s regulatory bite than larger business that are flush with cash. “I believe you can’t put a mandate on a business like ours unless you know that an industry can actually pay for it, and without a doubt, this industry cannot pay for it,” Scott Womack, who owns 11 IHOP restaurants in the Midwest... “This legislation is going to cost anywhere from $7,000 to 10,000 per employee. … We’re going to have to take drastic actions to trim employees' hours down, to trim services, look at cutting a lot of things that we pay for now to make room for this.”
ObamaCare Puts Big Dent in Hiring - HUMAN EVENTS