Economics Magazine

Federal Reserve: Obamacare Cited For 'Planned Layoffs And Reluctance To Hire More'

Posted on the 07 March 2013 by Susanduclos @SusanDuclos

By Susan Duclos
More Obamacare fallout.
The Federal Reserve has issued their "beige book" where they show the Obamacare law aka Affordable Care Act, as the reason cited for "planned layoffs and reluctance to hire more staff,", by employers in several districts.
Via The Hill

That line was found in a section of the Fed's report on employment, wages and prices. That same section also said the Atlanta district noted that healthcare regulations are so burdensome there is a shortage of compliance specialists.
"Atlanta noted a lack of compliance specialists due to heavier regulations in the healthcare industry," it said.
In a later section focusing on the Philadelphia district, the beige book said that "Health insurance costs are mixed, ranging from very high increases to no change." The Cleveland district reported that "rising health insurance premiums remain a challenge" in the manufacturing industry, and that many in the energy sector cited "rising health insurance premiums as a concern."
The Atlanta district reported that higher healthcare costs "have contributed to a modest decline in consumer confidence" as it relates to consumer spending and tourism.
Higher healthcare costs were also reported in the districts of Chicago, and the Kansas City district reported "changes in health care policy and fiscal uncertainty as reasons for delayed hiring."

More quotes from the report:
Under Consumer Spending and Tourism section it says "Many District contacts commented on the expired payroll tax holiday and the Affordable Care Act as having restrained sales growth."
Under  Nonfinancial Services section it says "Some contacts noted concern that client companies are hiring the absolute minimum to get by due to uncertainty about the Affordable Care Act.."

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