Friday, March 22, 2013

Fed Report: Obamacare Fears Blamed for Unemployment


In its latest monthly report on economic conditions across the country, the Federal Reserve points to Obamacare as one reason the unemployment rate has remained near or above 8 percent under the current administration.

That’s what Sally Pipes, president of the Pacific Research Institute, writes in an op-ed piece for Forbes magazine.

The Fed’s so-called “beige book” noted that employers across the country have “cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff,” Pipes says, adding that as more businesses learn about Obamacare, “the more they’re coming to realize that affordable care” is the last thing it will provide.

Pipes points out that next year when Obamacare goes into full effect, insurance companies will have to pay $8 billion in so-called premium taxes to the federal treasury, a figure that rises to $11.3 billion in 2015 and 2016, then $13.9 billion in 2017, and $14.3 billion after that. The cost, she writes, will be passed on to consumers in the form of higher premiums for private coverage.

More @ Newsmax

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