Millions of people are out of work and can’t find a job. Many of those who have jobs are being forced to work part-time instead of full-time. And those who have full-time jobs are in for a nasty surprise. Next year’s take home pay is like likely to be smaller than what they earn right now.
In all cases the reason is the same: Obamacare.
Why can’t people find a job? Three Federal Reserve Banks – in Philadelphia, New York and Atlanta – have released business surveys that confirm what many of us have been predicting. The new health law is discouraging a significant number of firms from hiring and is also pushing workers into part-time, rather than full time jobs.
The Federal Reserve Bank of Philadelphia survey of business in its region finds that because of Obamacare:
The New York Fed found that because of Obamacare:
An Atlanta Fed poll earlier this month found that 34% of businesses planned to hire more part-time workers than in the past, mostly because of a rise in the relative costs of their full-time colleagues.
As for the impact of Obamacare on health care costs, more than one third of manufacturers told the New York Fed that Obamacare is increasing costs “a lot” this year and more than half say the health law will increase costs a lot next year.
So what are employers doing about it? They are shifting more of the direct cost of employee health insurance to their workers. The New York survey found that because of Obamacare: