Did Obamacare cause the economic collapse


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“The elephant in the room.”

By the spring of 2010, private sector job growth turned positive. In April job growth increased to 230,000 net private-sector jobs. The economy appeared on track for a normal recovery from an awful recession. The administration began confidently predicting a “Recovery Summer.” But Recovery Summer fizzled instead of sizzled. In May private sector job growth dropped sharply to less than 50,000 net jobs. Thereafter, monthly improvement in private job growth averaged just 6,500 jobs.

What else happened in the spring of 2010? Despite obstacles that many believed would kill the bill, Congress passed the Affordable Care Act. Within two months, the trend in job growth dropped sharply. Monthly job creation had been on pace to top out in the hundreds of thousands. Post-Affordable Care Act, it has barely kept pace with population growth. [emphasis mine]

and

The health-care measure raises business costs and makes planning for the future more difficult. It should be expected to slow hiring.

Federal Reserve officials report that the law has had exactly this effect. Dennis Lockhart, president of the Atlanta Fed, reports that “prominent among these (factors businesses explain are impeding hiring) is the lack of clarity about the cost implications of the recent health care legislation. We’ve 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.'” Surveys bear out these warnings. In a recent poll one-third of small business owners identified the healthcare bill as one of their top two obstacles to hiring. [emphasis mine]

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One comment

  • this is the price we all pay for stubbornly dividing ourselves and refusing to work together or compromise in any way . we get a giagantic bill rammed thorugh congress that no one understands really . we won’t find out how it works until it is implemented and we don’t want to implement it because we are worried about how it works . now we get to wait for the boom years again until we figure out what we are going to do about this monstrosity . it might seem easier to repeal it and start over but that seems like it would be much more difficult politically, and we wouldn’t be sure we could get something new passed through congress unless 2012 is a much bigger landslide than I expect . if we could change the law in a way that allows both sides to support it’s implementation and gives some confidence it will actually improve the high cost of providing care to employees we could get back on track faster than starting over completely . how about some bull moose leadership here!?

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