Oct. 10, 2012
If you’re wondering why the U.S. economy seems stagnant, ObamaCare isn’t helping. In fact, a study by a nonprofit issue-advocacy, American Action Forum (AAF), shows the economy has been devastated by $27.6 billion in unnecessary regulatory costs and in 30,000 lost jobs, as a result of ObamaCare.
“This analysis barely scratches the surface of the regulatory impact of this law,” Sam Batkins, AAF’s director of regulatory policy was quoted in a published report. “Not only is there still over a year until the law is fully implemented, but we only looked at data that the Administration itself has made public.”
The economic impact of ObamaCare, which is officially known as the Affordable Care Act (ACA), imposes 85 new regulations.
“By looking only at the Administration’s own numbers, they are essentially conceding the fact that the ACA will place billions of dollars in regulatory burdens on the private sector and further strain states’ budgets,” asserted the researcher.
Costing $24.4 billion, the study indicates the 10 most-expensive regulations:
- Operating rules – $5.9 billion
- Community First Choice Option – $5.7 billion
- Establishment of Exchanges –$3.4 billion
- Rules for Health Care Electronic Funds Transfers – $3.3 billion
- Adoption of a Standard Health Plan – $2 billion
- Medicare, Medicaid, CHIP; Transparency – $1.7 billion
- Menu Labeling – $757 million
- Medicaid Program Eligibility Changes – $580 million
- Medicaid Program and Community Based Services – $580 million
- Group Health Plans and Insurance Issuers – $275 million
The study points out that the regulations have also cost more than 60 million hours in paperwork. It also considers 2,000 hours is equal to a 30,000-job loss.
California has been hit the hardest – $3.4 billion in regulatory costs and 2,917 lost jobs.
Texas is second on the hardest-hit list – $1.8 billion in costs and 1,292 lost jobs.
There’s another ominous indicator:
“With still 15 months until full implementation there’s sure to be more regulatory costs,” concluded researcher Batkins.
From the Coach’s Corner, related articles:
- Why Small Business Vows to Continue the Healthcare Fight
- Inefficiency, Fraud in Healthcare and Insurance – How You Can Help
- Fiscal Fact-Check: Deficit, Social Security, and Medicare
“And the biggest, coldest power play of all in ObamaCare came at the expense of the elderly.”
Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.