CNN Breaking News : President Barack Obama Lies " Everyone Must Pay Taxes Even The Middle Class to Lower The Huge USA Debt "
ObamaCare’s Red Tape Will Devastate The American Economy Read - Posted October 10, 2012
A Study By The “Independent American Action Forum” Focused On ObamaCare’s Devastating Impact On The American Economy. “Fully implementing Obamacare regulations have already cost the U.S. economy $27.6 billion and more than 18,000 jobs according to a new study released today. Just the top ten most expensive regulations have cost $24.4 billion, according to the new non-partisan and independent American Action Forum (AAF) report.” (Conn Carroll, “Study: ObamaCare Regs Have Cost $27.6 Billion, Killed 30,000 Jobs,” The Washington Examiner , 10/9/12)
The Study Found That ObamaCare Has Added New Regulations Totalling $27.6 Billion, $20.4 Billion In Costs On Private Businesses, And An Additional $7.2 Billion On State Budgets. “To date, the ACA has imposed a total of $27.6 billion in new regulations – at least $20.4 billion in lifetime costs on private entities and $7.2 billion in increased burdens on state budgets.” (Sam Batkins,
“The State By State Impact Of ACA Regulations,” American Action Forum, 10/12)
ObamaCare’s Exchanges Are Predicted To “Cost Employers $3.4 Billion” According To Data Compiled From The Federal Register. “Just complying with the state health exchanges alone has to cost employers $3.4 billion according to the AAF totals which were compiled from Federal Register data.” (Conn Carroll, “Study: ObamaCare Regs Have Cost $27.6 Billion, Killed 30,000 Jobs,” The Washington Examiner , 10/9/12)
ObamaCare’s Regulatory Paperwork Burden Is Estimated To Have Already Cost 30,000 Jobs. “In addition to the regulatory costs, AAF estimates that ObamaCare regulatory compliance has eaten up more than 60 million hours in paperwork. At 2,000 hours a year that comes to 30,000 jobs.” (Conn Carroll, “Study: ObamaCare Regs Have Cost $27.6 Billion, Killed 30,000 Jobs,” The Washington Examiner , 10/9/12)
ObamaCare Has Hit California, Texas, New York, Illinois, And Florida The Hardest And Has Cost Those States A Combined $9.5 Billion And 7,386 Employees. “The five states bearing the largest regulatory burden in cost and lost employment are not surprising. California has the single highest burden, with $3.4 billion in total compliance costs and 2,917 lost employees’ work. Texas also bears a substantial burden: $1.8 billion and 1,292 lost employees’ work. New York ($1.7 billion and 1,383 lost employees), Illinois ($1 billion and 816 lost employees), and Florida ($1.6 billion and 978 lost employees) also carry a heavy burden.” (Sam Batkins, “The State By State Impact Of ACA Regulations,” American Action Forum, 10/12)
It’s almost as if Obama and democrats actually want the economy to collapse?
The country is just beginning to discover the massive economic damage from Obamacare.
GOP Senators reported:
Economic Damage Of Health Bill Continues
AT&T, 3M, And AK Steel Already Report Devastating Effects Of Health Bill
“AT&T Inc. Will Take A $1 Billion Non-Cash Charge In The First Quarter Because Of The Health Care Overhaul And May Cut Benefits It Offers To Current And Retired Workers.” (“AT&T Will Take $1B Non-Cash Charge For Health Care,” The Associated Press, 3/26/10)
“The Telecommunications Company Also Said It Is Looking Into Changing The Health Care Benefits It Offers Because Of The New Law.” (“AT&T Will Take $1B Non-Cash Charge For Health Care,” The Associated Press, 3/26/10)
“3M Company Today That It Expects To Record A One-Time Non-Cash Charge Of $85 To $90 Million After Tax… Resulting From The Recently Enacted Patient Protection And Affordable Care Act.” “3M Company said today that it expects to record a one-time non-cash charge of $85 to $90 million after tax, or approximately 12 cents per share, in the first quarter of 2010, resulting from the recently enacted Patient Protection and Affordable Care Act, including modifications made in the Health Care and Education Reconciliation Act of 2010 passed by Congress on March 25, 2010. The charge is due to a reduction in the value of the company’s deferred tax asset as a result of a change to the tax treatment of Medicare Part D reimbursements.” (“3M Anticipates New U.S. Healthcare Law to Result in One-Time Charge of $85 — $90 Million After Tax in First Quarter of 2010,” 3M, 3/26/10)
“AK Steel Holding Corp., The Third Largest U.S. Steelmaker By Sales, Said It Will Record A Non-Cash Charge Of About $31 Million Resulting From The Health-Care Overhaul Signed Into Law By President Barack Obama.” (“AK Steel Sees $31 Million Charge From New Health Law,” Business Week, 3/23/10)
It was also announced today that the democratic bill will cost Florida at least 700 jobs immediately.
HotAir has more on the billions that Obamacare will cost US corporations.