Obamacare negatively impacts employment and health care costs, Federal Reserve Bank of Dallas reflects Philadelphia Fed survey, 48.6 percent raises costs a lot in 2014, 25.9 percent employ fewer workers

Obamacare negatively impacts employment and health care costs, Federal Reserve Bank of Dallas reflects Philadelphia Fed survey, 48.6 percent raises costs a lot in 2014, 25.9 percent employ fewer workers

“Over the last six months, of the net job creation, 97 percent of that is part-time work,”…Keith Hall, former BLS chief

“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.

Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

 

 

Reported at Citizen Wells August 22, 2014.

From the Philadelphia Fed August 2014.

“In special questions this month, firms were asked qualitative questions about the effects of the Affordable Care Act (ACA) and how, if at all, they are making changes to their employment and compensation, including benefits (see Special Questions). Over 18 percent of the firms indicated that the number of workers they employ was lower because of the ACA; 3 percent indicated higher levels. The same percentage (18 percent) indicated that the proportion of part-time workers had increased. Regarding health insurance benefit coverage, 41 percent said their coverage was unchanged, but 52 percent indicated modifications to their offerings. Among those modifying their health insurance coverage, higher deductibles (91 percent), higher worker contributed premiums (88 percent), and higher out-of-pocket maximums (77 percent) were the most cited changes.”

The Federal Reserve Bank of Dallas has just presented their survey.

“How would you say the Affordable Care Act (ACA) has affected your firm’s health care costs in question 1 above?”

“Raise costs a lot”

“Effect of ACA in 2014”

48.6 percent

“Expected effect of ACA in 2015”

54.7 percent
“How, if at all, are you changing (or have you changed) any of the following because of the effects that the ACA is having on your firm?”

“The number of workers you employ (including full-time, part-time, etc.)”

“Lower due to ACA”

25.9 percent

“The proportion of your workers that are part-time, contract or temporary”

“Higher due to ACA”

16.5 percent

“Prices you charge to customers”

“Higher due to ACA”

35.3 percent

http://www.dallasfed.org/microsites/research/surveys/tmos/2014/1408/specquest.cfm

Over one third of these companies are passing on the higher cost of Obamacare to their customers!

 






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