This is painful. I hate the Federal Reserve, but this time I have to agree with them. The Federal Reserve says ObamaCARE is screwing up the economy. Of course, we don’t need the Federal Reserve to state the obvious.
The “Beige Book,” is published 8x year by the federal reserve. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources.’
The latest “Beige Book” was issued on Wednesday and it warns about Obamacare doing bad things to the economy including higher costs for employees and slowing down hiring.Instead Of Handing Out Raises Due To Savings Under ObamaCare, Employers Have Had To Pass Higher Health Care Costs To Employees
In 2010, Obama Promised That ObamaCare Would Provide “Cost-Savings” To Employers That Could Result In Raises For Their Employees. OBAMA: “Americans who get their insurance through the workplace, cost-savings could be as much as $3,000 less per employer than if we do nothing. Now, think about that. That’s $3,000 your employer doesn’t have to pay, which means maybe she can afford to give you a raise.”
According to today’s report, While Employers Are Passing On Higher Health Care Costs To Employees. “Contacts in Chicago indicated that higher health care premiums increased non-wage labor costs, while a growing number of employers in Cleveland reported passing through rising health care costs to their employees.”
Merchants Noted That Increasing Health Care Premiums “Were Having A Negative Impact.” “Merchants reported a slow start to the year with sales growth declining. Many contacts noted that the drop in sales growth was partially attributed to the unusual winter weather experienced in parts of the region. Others indicated that increased health care premiums were having a negative impact.”
Rising health care costs are widespread, thanks to ObamaCARE. Employers are remaining scepical about hiring because of ObamaCARE and concerns remain over ObamaCare Throughout The Staffing Industry.