Skip to comments.Fed Survey: Obamacare Causing Companies to Cut Jobs
Posted on 08/17/2016 1:56:24 PM PDT by Brilliant
Many companies are cutting jobs in response to rising health care costs spurred by the Affordable Care Act, according to a new survey by the Federal Reserve Bank of New York.
Roughly one-fifth of service sector and manufacturing company executives said they are reducing the number of workers in response to provisions in the healthcare law...
The New York fed surveyed about 100 executives in the manufacturing sector and roughly 150 executives in the services sector located in New York State, Northern New Jersey and Fairfield County, Connecticut...
The results add to a bevy of bad news related to the Obama Administrations signature health care law. Health insurers are requesting average premium increases of 24% this year, according to an independent analysis, while Aetna said it would withdraw from 11 of the 15 states where it offers plans through the Affordable Care Act exchanges...
Companies nationwide cite rising healthcare costs as one reason for increasing labor pressures on margins. Omaha, Neb.-based communications company West, for example, sold several call-center businesses last year, partly because of wage and health cost increases, said chief executive officer Tom Barker, in an August earnings call with analysts.
Charlotte, N.C.-based fast food chain Bojangles, cited increasing healthcare costs as a weight on first-quarter revenues. Meanwhile, Broomfield, Colo. restaurant chain Noodles & Co. also cited increased labor costs, partly due to rising healthcare, as one reason margins declined in its fiscal second-quarter. The companies didnt respond to requests for comment.
According to the New York Feds survey, executives said they expected healthcare costs to rise a median 8.5% this year, and another 10% next year, according to the survey. They cited higher insurance premiums, higher prescription drug costs, and the ACA as factors...
(Excerpt) Read more at blogs.wsj.com ...
Single payer will be sold to the public as “good for jobs, good for business”. You heard it here first.
Obamacare mandates = “Perverse Incentive” to cut jobs.
N A W !!!!
everything according to plan..............
There are some real rocket surgeons out there.
ObamaCare is completely collapsing. Hillary would make it even worse.
I have 2 low paying part time less than 30 hour a week jobs now with no healthcare benefits at either place.
Paging Captain Obvious ...
Clearly the Federal Reserve Bank of New York is RACIST!!
Hours are being reduced too, so that you’re not full time. Therefore, you don’t have to be provided employer health insurance.
Wasn’t that the original Obama plan as part of the destruction of the US? And can we expect a third term by voting for Hitlary?
That’s unexpected. Who would have guessed that making it more expensive to hire employees would lead to fewer new jobs?
HILLARY and the dems will raise taxes to infinity to keep it afloat also.
Thanks for commenting. You just made something clear to me. The Dems will raise taxes for ObamaCare and with a little tweaking, I think they can turn it into single payer with little or no Congressional approval.
All they would need is one lone insurance company that they can subsidize to infinity and voilà, single payer. Is my imagination running away with me?
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