ObamaCare’s Rising Cost Is Hurting Workers

October 12, 2012

ObamaCare’s Rising Cost Is Hurting Workers

New Reports Show that ObamaCare’s Rising Costs Are Forcing Job Creators to Lay Off Workers

A new study estimates that ObamaCare has already destroyed thousands of jobs and cost workers $27.6 billion—and Democrats are just getting started.
Even family restaurants like Olive Garden and Red Lobster are starting to feel the impact of ObamaCare and are being forced to reduce workers’ hours.
But as working families are struggling under the impact of ObamaCare, the reality remains that the only a fraction of the nearly $2 trillion law has gone into effect, and most of the worst is yet to come.

A new study estimates that ObamaCare has already destroyed thousands of jobs and cost workers $27.6 billion—and Democrats are just getting started:

STUDY: OBAMACARE REGS HAVE ALREADY COST $27.6 BILLION, KILLED 18,000 JOBS: “Fully implementing Obamacare regulations have already cost the U.S. economy $27.6 billion and more than 18,000 jobs according to a new study released today. Just the top ten most expensive regulations have cost $24.4 billion, according to the new non-partisan and independent American Action Forum (AAF) report.” (Conn Carroll, “Study: ObamaCare Regs Have Cost $27.6 Billion, Killed 30,000 Jobs,” The Washington Examiner, 10/9/2012)

TOTAL REGULATORY COMPLIANCE HAS EATEN UP 60 MILLION HOURS IN PAPERWORK: “Just complying with the state health exchanges alone has to cost employers $3.4 billion according to the AAF totals which were compiled from Federal Register data. In addition to the regulatory costs, AAF estimates that Obamacare regulatory compliance has eaten up more than 60 million hours in paperwork. At 2,000 hours a year that comes to 30,000 jobs.” (Conn Carroll, “Study: ObamaCare Regs Have Cost $27.6 Billion, Killed 30,000 Jobs,” The Washington Examiner, 10/9/2012)

DATA BASED ON OBAMA ADMINISTRATION’S OWN ESTIMATES: (Conn Carroll, “Study: ObamaCare Regs Have Cost $27.6 Billion, Killed 30,000 Jobs,” The Washington Examiner, 10/9/2012)

DEMOCRATS “ESSENTIALLY CONCEDING THE FACT THAT [OBAMACARE] WILL PLACE BILLIONS OF DOLLARS IN REGULATORY BURDENS ON THE PRIVATE SECTOR”: “By looking only at the Administration’s own numbers, they are essentially conceding the fact that the ACA will place billions of dollars in regulatory burdens on the private sector and further strain states’ budgets. With still 15 months until full implementation there’s sure to be more regulatory costs.” (Conn Carroll, “Study: ObamaCare Regs Have Cost $27.6 Billion, Killed 30,000 Jobs,” The Washington Examiner, 10/9/2012)

Even family restaurants like Olive Garden and Red Lobster are starting to feel the impact of ObamaCare and are being forced to reduce workers’ hours:

“OLIVE GARDEN, RED LOBSTER PUTTING MORE WORKERS ON PART-TIME BECAUSE OF OBAMA HEALTH CARE LAW”: (“Olive Garden, Red Lobster Putting More Workers on Part-Time Because of Obama Health Care Law,” Associated Press, 10/10/2012)

DARDEN RESTAURANTS, WHICH OWNS OLIVE GARDEN AND RED LOBSTER, OWNS MORE THAN 2,000 RESTAURANTS IN THE U.S. AND CANADA AND EMPLOYS 180,000 WORKERS: (“Olive Garden, Red Lobster Putting More Workers on Part-Time Because of Obama Health Care Law,” Associated Press, 10/10/2012)

THE RISING COSTS OF OBAMACARE ARE TO BLAME: (“Olive Garden, Red Lobster Putting More Workers on Part-Time Because of Obama Health Care Law,” Associated Press, 10/10/2012)

WORKERS IN LOW-WAGE INDUSTRIES LIKE RETAIL AND HOSPITALITY LIKELY TO GET HIT THE HARDEST: “Starting Jan. 1, 2014, those penalties and requirements could significantly boost labor costs for some companies, particularly in low-wage industries such as retail and hospitality, where most jobs don’t come with health benefits.” (“Olive Garden, Red Lobster Putting More Workers on Part-Time Because of Obama Health Care Law,” Associated Press, 10/10/2012)

But as working families are struggling under the impact of ObamaCare, the reality remains that the only a fraction of the nearly $2 trillion law has gone into effect, and most of the worst is yet to come:

DEMOCRATS ALREADY CUT $716 BILLION FROM MEDICARE TO PAY FOR OBAMACARE: (Douglas Elmendorf, “Letter to the Honorable John Boehner,”Congressional Budget Office, 7/24/2012)

GROSS COST OF OBAMACARE: $1.68 TRILLION: (Douglas Elmendorf, “Letter to the Honorable John Boehner,”Congressional Budget Office, 7/24/2012)

MEDICARE TRUSTEE: OBAMACARE TO ADD AT LEAST $340 BILLION TO THE DEFICIT: (Lori Montgomery, “Health-care Law Will Add $340 Billion to Deficit, New Study Finds,” The Washington Post, 4/9/2012)

2013:

IPAB GOES LIVE: DEMOCRATS’ MEDICARE-GUTTING BOARD OF BUREAUCRATS CREATED UNDER OBAMACARE: “Beginning in 2013, the Board is required to begin its work organized around a standard and repeating three-year cycle of activity, starting in a ¯determination year, then proceeding through a ¯proposal year and ending with the ¯implementation year, as summarized below and in the table that follows.” (Jack Ebeler, Tricia Neuman and Juliette Cubanski, “The Independent Payment Advisory Board: A New Approach to Controlling Medicare Spending,” Kaiser Family Foundation, April 2011)

MEDICARE PAYROLL TAX INCREASES: (David Lightman, “When Health Bill’s Provisions Would Take Effect,” McClatchy, 3/21/2010)

NEW TAX ON MEDICAL DEVICES THAT WILL DISCOURAGE INNOVATION OF NEW LIFESAVING TECHNOLOGIES: (“Implementation Timeline,” Kaiser Family Foundation, Accessed 4/30/2012)

NEW LIMITS ON MEDICAL EXPENSE INCOME TAX DEDUCTIONS: (“Healthcare Reform Law – Implementation Timeline for Small Business,” NFIB, Accessed 4/30/2012)

2014:

INDIVIDUAL MANDATE TO BUY HEALTH INSURANCE GOES INTO EFFECT: (“Healthcare Reform Law – Implementation Timeline for Small Business,” NFIB, Accessed 4/30/2012)

OPPRESSIVE NEW FEES AND PENALTIES HARMING JOB CREATORS GO INTO EFFECT: “Employer mandate: The bill contains a complex employer mandate requiring some firms to provide insurance, pay penalties or both. The penalties are based on (1) the number of full-time (or part-timers counted as full-time equivalent) employees, (2) whether or not the firm offers coverage, and (3) whether or not one or more employees qualify for government subsidies toward the purchase of health insurance. An employee qualifies for a subsidy if his or her household income is below 400% of the federal poverty line ($88,000 for a family of four today).” (“Healthcare Reform Law – Implementation Timeline for Small Business,” NFIB, Accessed 4/30/2012)

$8 BILLION NEW TAX ON SMALL BUSINESSES: “Small business health insurance tax: An annual fee on health insurance providers will be passed on to consumers. This tax will fall on the vast majority of plans that small businesses purchase, but not on self-insured plans (such as most big business and labor union policies). The fee is $8 billion for 2014, $11.3 billion for 2015 and 2016, $13.9 billion for 2017, $14.3 billion in 2018. For years beginning 2019, the $14.3 billion figure will be adjusted upwards for the growth in medical costs.” (“Healthcare Reform Law – Implementation Timeline for Small Business,” NFIB, Accessed 4/30/2012)

TENS OF MILLIONS OF MORE AMERICANS TO FACE RISK OF LOSING INSURANCE, BEING DUMPED INTO MEDICAID: (“Implementation Timeline,”Kaiser Family Foundation, Accessed 4/30/2012)

2015:

OBAMACARE MANDATE FINE TRIPLES TO $325 PER AMERICAN: (“Healthcare Reform Law – Implementation Timeline for Small Business,” NFIB, Accessed 4/30/2012)

2016:

OBAMACARE MANDATE FINE RISES TO NEARLY $700 PER AMERICAN: (“Healthcare Reform Law – Implementation Timeline for Small Business,” NFIB, Accessed 4/30/2012)

TAX DEDUCTIONS FROM MEDICAL EXPENSES EXPIRE FOR SENIORS:“Fewer deductible medical expenses: New limits are placed on the deductibility of medical expenses on individual income tax returns. This provision raises the 7.5% AGI floor on medical expenses deductions to 10%. The AGI floor for those 65 and older (and their spouses) remains at 7.5% through 2016.” (“Healthcare Reform Law – Implementation Timeline for Small Business,” NFIB, Accessed 4/30/2012)

ObamaCare’s Rising Cost is Hurting Workershttp://ow.ly/epVJ4#iwantrepeal