Center-right policy institute American Action Forum (AAF) released a report on Wednesday detailing how 300,000 small business jobs have been lost due to higher healthcare costs under ObamaCare.
In particular, rising premiums and regulations under the Affordable Care Act have directly and negatively affected for the labor market.
Under ObamaCare, at least $19 billion in wages have been lost annually, and around 10,000 small business establishments have closed down. A portion of the AAF report, written by Ben Gitis and Sam Batkins, reads:
“Research from the American Action Forum (AAF) finds regulations from the Affordable Care Act (ACA) are driving up health care premiums and are costing small business employees at least $19 billion in lost wages annually. These figures varied by state, but in 2015 the ACA cost year-round workers $2,095, $2,134, and $2,260 in Ohio, New York, and North Dakota, respectively.
Premium increases, a prospect regulators predicted when issuing the first ACA regulations, also significantly diminished the number of business establishments and jobs nationwide. Across the country, small businesses (20-99 workers) lost 295,030 jobs, 10,130 business establishments, and $4.7 billion in total wage earnings. Florida lost 17,950 jobs; Ohio lost 19,000; Pennsylvania lost 15,680; and Texas lost 28,010 jobs due to higher sensitivity to rising health care premiums and the ACA.”
But it gets even worse:
Aside from wage losses and job cuts, Obamacare has cost the economy $51 billion and added 172 million hours of paperwork through regulations, the American Action Forum said.
“To put that in perspective, it would take more than 86,200 employees working full-time (2,000 hours annually) to complete a year of new ACA paperwork, roughly the population of Miami Beach, Fla.,” the report said.
The data for their studies included research from the U.S. Census Bureau, the Medical Expenditure Panel Survey, and the Bureau of Labor Statistics for their findings. Businesses with 20 to 99 employees were examined for the study.
H/T: Free Beacon
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