In my blog Small Business Creates the Most Jobs and ObamaCare is Killing Them, I make the point that small businesses create more than 70% of the new jobs in this country. When small businesses are under duress from the increased requirements of bureaucrats (local, state and federal), including the requirements of ObamaCare, it will stunt new job creation.
Already, businesses are cutting back on hours to escape the burden of ObamaCare. No one knows the cost of this law. I don´t know. You don´t know. No one knows. Numbers are leaking out and they big and rising. The whole thing is going to fall apart when people discover it´s true cost.
From Investor´s Business Daily
Nearly 22 million Americans can't find a job or the full-time work they want. Millions more have quit looking altogether. Now, even more working Americans are seeing their hours cut because of the unreasonable burdens of the president's health care law.
The culprit is a requirement in the law that companies with more than 50 full-time workers provide expensive one-size-fits-all health insurance.Some small businesses have stopped hiring in order to stay below that number of employees. Others are cutting full-time workers back to part-time status — less than 30 hours a week.
The cuts are happening across industries and across the county.
The Federal Reserve reported in March that the health care law is a major concern for businesses.Employers in the Fed's Richmond district blamed the law for layoffs and a reluctance to hire. Businesses around Dallas reported hiring the bare minimum to get by, due to uncertainty about the health care law. This uncertainty remained a drag on growth in the April Fed report. The drop in hours and the reluctance to hire are having a ripple effect throughout our economy.
Wages are stagnant. Economic growth is anemic.Just a few days ago, we learned that first quarter GDP increased at an annual rate of just 2.5%. This dismal number is nowhere near what we should be seeing nearly four years after the recession ended.The economy can't grow until we get Americans back to work. People can't get back to work if there aren't more jobs.
Employers aren't hiring because of the health care law