Are job cuts a myth about Obamacare?
A new study says the Affordable Care Act might not be as dire as some people fear, with most companies sticking with full-time jobs.
A new survey might assuage some concerns that businesses and American workers have about the impact of Obamacare.
Most businesses don't plan to shift from full-time to part-time employees as a way to skirt the law, according to a survey from the Federal Reserve Bank of Minneapolis. It found that 89% of businesses had not yet cut, nor were planning to cut, the hours of their employees to cope with the Affordable Care Act, according to the Minneapolis Fed's Roundup.
Nevertheless, that leaves 11% of businesses unaccounted for. So how do they plan on coping? Some 4% said they have already shifted to more part-time workers, while 7% said they plan to cut hours.
While the impact might not be as wide as feared, even 10% of businesses trimming hours would result in painful pay reductions for many workers. The study polled more than 200 businesses in the Minneapolis region.
Fast-food and restaurant chains have been among the most vocal critics of the law, which goes into effect next year. The regulation will require businesses with more than 50 full-time employees -- those working at least 30 hours a week -- to provide health care benefits or else pay a penalty.
A Five Guys franchisee in North Carolina lashed out at the law earlier this month, saying the cost of providing health care will slow his expansion and could raise prices, while Whole Foods Market (WFM) founder John Mackey called the law "fascism."
It's important to keep in mind some caveats with the Minneapolis Fed's survey.
For one, as the bank itself notes, "many responding organizations employ fewer than 50 people and are exempt from some provisions of the act."
The Minneapolis Fed also heard from some respondents that it's too early to say how the complicated regulations will affect them.
"We're just beginning to figure out the impact of the Affordable Health Care Act," said a Minnesota respondent, according to the bank's site. "Once we understand that, we'll adjust accordingly."
Just some more propaganda!!! You just have not heard about companies cutting back because they were hoping that Washington would wake up and do the right thing. That didn't happen so companies are cutting and doing it fast and severely. We just got two weeks notice at my work that hours are being cut from 35 to 25 hours per week. 40 hours per month, over one week of work taken away. Everyone's solution is we will just hire more people. Does anyone see that more people are not getting more opportunities and insurance. This is the worst law ever, but no one wants to admit that they were wrong to ever support the train wreck called Obamacare!!!!
Full time jobs will be hard to keep and pat time jobs 29.5 hours a week or less will be plentiful. Libtard idiots looking for hand outs never think of the consequences and just pass legislation without reading the fine print. Have fun waiting at the state exchanges for rationed healthcare insurance, it will be chaos worse than any bad day at the DMV!
OBAMACARE HAS ALREADY TAKEN $200 MORE PER MONTH FROM ME FOR INSURANCE. THAT WAS MY SAVINGS MONEY. NOW NO SAVINGS, NO CUSHION. I WONDER HOW OBAMA AND THE FAMILY WILL TOLERATE ME AS A HOUSE GUEST WHEN I CAN NO LONGER BE SELF SUFFICIENT. OBAMACARE, WHAT A LOAD OF WELFARE CRAP. IT DOES NOT PAY TO BE A CAPITALIST IN A MARXIST RUN SOCIETY
Hey we found an obsucre study to contridict what ever other major study has said. Lets publish that one.
We should all learn a second language; Spanish,Chinese, Pakistani, etc. so we will be able to communicate with our doctors and nurses of the near future. If I have to explain this to you just ask a Canadian.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
Reports say the generous benefactor behind the huge gratuities is a former PayPal executive.
- Chinese investors are buying up Detroit
- Mega Millions jackpot hits $344 million
- 5 reasons to think twice about a balance transfer card
- Will I have to pay taxes because of a foreclosed home?
- 5 things that won't affect your credit scores
- The 7 deadly sins of winter driving
- 8 questions to ask before Mom and Dad move in
- High deductibles fuel new worries of Obamacare sticker shock
- How to use your credit card to donate to charity
[BRIEFING.COM] The major averages spent the entire session in a steady downtrend, but despite persistent selling pressure, today's losses were limited in scope. The Dow, S&P 500, and Nasdaq shed between 0.2% and 0.3% while the Russell 2000 lagged, falling 0.9%.
The underperformance of the Russell 2000 was likely owed in part to tax-loss selling, which tends to pick up this time of year. Small-caps often feel that pinch in a stronger fashion than large-cap issues since individual ... More
More Market News
John Stumpf acknowledges that growth has been slow, but he says he's still optimistic.