Obamacare Stalled Economy
Between January 2009 and April 2010, Private Sector job creation improved an average of 67,600 a month. This recovery was still one-third slower than the post 1981–1982 recovery under President Reagan, but at least there was some progress.
Then Obamacare hit.
In March 2010, Congress passed the massive healthcare takeover law known as Obamacare. Just two months later, the recovery grinded to a near halt. Going from an improvement of 67,000 jobs a month before Obamacare, to just 6,400 jobs a month since.
Businesses long warned the law would hurt hiring. From the Heritage Foundation:
- Businesses with fewer than 50 workers have a strong incentive to maintain this size, which allows them to avoid the mandate to provide government-approved health coverage or face a penalty;
- Businesses with more than 50 workers will see their costs for health coverage rise—they must purchase more expensive government-approved insurance or pay a penalty; and
- Employers face considerable uncertainty about what constitutes qualifying health coverage and what it will cost. They also do not know what the health care market or their health care costs will look like in four years. This makes planning for the future difficult.
What’s that? Obamacare is bad for business? How long has the administration claimed that Obamacare was going to be good for the economy?
The truth is that businesses now face significantly more uncertainty under this President than any time in recent memory. They don’t know how much money they will be paying in taxes in the next couple years, they don’t know how much their businesses will be targeted by this administration, they don’t even know how much it will cost them to hire new employees!
Is anyone really surprised the President’s Obamacare claims turned out to be false?