Obamacare Continues to Restrict Hiring
The Federal Reserve Beige Book, released on March 6, cited Obamacare as a factor in slowing hiring and employment growth.
The Beige Book is a report published eight times a year that details the economic activity in the 12 different Federal Reserve regions. As this most recent report explains, “Employers in several Districts cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff.”
But why is this news now? Federal Reserve presidents have cited Obamacare as a hiring hindrance for a few years now. In 2010, the Federal Reserve Bank president of Atlanta said, “We have frequently heard strong comments to the effect of ‘My company won’t hire a single additional worker until we know what health insurance costs are going to be.’” There is little more clarity on what the new costs are going to be for business owners. This is why three different Federal Reserve regions have directly linked Obamacare to slower hiring.