About Me

My photo
This site is the inspiration of a former reporter/photographer for one of New England's largest daily newspapers and for various magazines. The intent is to direct readers to interesting political articles, and we urge you to visit the source sites. Any comments may be noted on site or directed to KarisChaf at gmail.

Monday, March 24, 2014

Fourth Anniversary of Obamacare Brings Billions in Costs to Economy -- Report: Law has added $27.2 billion in private sector costs, 159 million paperwork hours -- By Elizabeth Harrington, The Washington Free Beacon

President Barack Obama / APObamacare is adding billions in economic costs and millions of paperwork hours, according to a new report released on Monday.

To mark the anniversary of Obamacare, which became law on March 23, 2010, the American Action Forum released a report finding that the law’s regulatory burdens are twice as great as its benefits.

“After four years of implementation, countless delays, a website disaster, and constant litigation, the Affordable Care Act (ACA) celebrates its inauspicious birthday this week,” the report said. “From a regulatory perspective, the law has imposed more than $27.2 billion in total private sector costs, $8 billion in unfunded state burdens, and more than 159 million paperwork hours on local governments and affected entities.”

“What’s more troubling, the law has generated just $2.6 billion in annualized benefits, compared to $6.8 billion in annualized costs,” it said. “In other words, the ACA has imposed 2.5 times more costs than it has produced in benefits.”

Aside from reduced employment, insurance cancellations, and implementation problems in all 50 states, Obamacare’s regulations are very costly to the economy, the report said.

For instance, a rule requiring restaurants to post nutrition information on their menus will cost $757.1 million, and require 622,000 hours in paperwork.

 (Click link below to read more)
READ MORE Sphere: Related Content

No comments:

Post a Comment