(NationalSentinel) For years there have been reports claiming that Obamacare was costing jobs, mostly in small businesses that could not afford employee coverage mandated under the law.
Now, as the current occupant of the Oval Office whose name will forever be attached to his failed ‘healthcare reform’ effort prepares to leave the White House, a new comprehensive report found that the law cost the U.S. economy 300,000 jobs. As reported by the Washington Free Beacon:
Obamacare has cost roughly 300,000 small business jobs due to higher health care costs, according to a new report.
The American Action Forum, a center-right policy institute, released findings Wednesday that rising premiums and regulations under the Affordable Care Act have had “dire” consequences for the labor market.
The report found the law has cost $19 billion in lost wages per year and forced 10,000 small businesses establishments to close their doors. The study covered employers with 20 to 99 employees.
“Research from the American Action Forum (AAF) finds regulations from the Affordable Care Act (ACA) are driving up health care premiums and are costing small business employees at least $19 billion in lost wages annually,” the report said. “These figures varied by state, but in 2015 the ACA cost year-round workers $2,095, $2,134, and $2,260 in Ohio, New York, and North Dakota, respectively.
“Premium increases, a prospect regulators predicted when issuing the first ACA regulations, also significantly diminished the number of business establishments and jobs nationwide,” the report continued. “Across the country, small businesses (20-99 workers) lost 295,030 jobs, 10,130 business establishments, and $4.7 billion in total wage earnings. Florida lost 17,950 jobs; Ohio lost 19,000; Pennsylvania lost 15,680; and Texas lost 28,010 jobs due to higher sensitivity to rising health care premiums and the ACA.”
The state-by-state analysis also found that Obamacare cost the economy overall an additional $51 billion and added 172 million hours of paperwork thanks to regulatory requirements.
The GOP majority in Congress, along with President-elect Trump, have vowed to begin dismantling this disastrous law immediately. It will take some time to unravel, as well as implement replacement legislation that allows Americans greater choice and lower costs for businesses, but it’s obvious that Obamacare was a failure and needs to go the way of the Democrats.