Thursday, June 14, 2012
BEN QUAYLE NEWSLETTER
At the White House Health Summit in 2010, Nancy Pelosi asserted, “In its life, this bill [Obamacare] will create 4 million jobs-- 400,000 jobs almost immediately.”
The fact of the matter is, Obamacare doesn’t create jobs. It kills them.
According to the Congressional Budget Office, Obamacare will reduce the labor force by 800,000 over the next decade, and estimates that the cost to American businesses due to incompliance with the numerous regulations will be $113 billion.
President Obama may think that the private sector is “doing fine”, but in all reality the last thing our economy can handle is even more hurdles to job creation, which is precisely what Obamacare represents.
Obamacare’s employer mandate will not only slow growth, but will penalize businesses that want to hire workers. Companies with 50 or more full-time employees are required to provide generous health coverage for their workers or pay a $2,000/person penalty. Add this to the $525 billion increase in taxes and hundreds of new mandates and you only capitulate an employer’s reluctance to hire.
The need for healthcare reform is undeniable, but the problem with the Patient Protection and Affordable Care Act is the way in which the law attempts to achieve its goal: bigger government, more bureaucracy, and job-killing regulations.