The results are starting to come in, via three independently done polls by three separate Federal Reserve Banks.
The Federal Reserve Bank of Philadelphia:
- 78.8% of businesses in the district have made no change to the number of workers they employ as the specific result of ObamaCare
- 3% are hiring more
- 18.2% are cutting jobs and employees
- 18% shifted the composition of their workforce to a higher proportion of part-time labor
- 88.2% of the roughly half of businesses that modified their health plans as a result of ObamaCare passed along the costs through increasing the employee contribution to premiums, an effective cut in wages
The Federal Reserve Bank of New York asked about the “number of workers you employ.”
- 21% of Empire State manufacturers and 16.9% of service firms answered “reducing.”
The Federal Reserve Bank of Atlanta:
- 34% of businesses planned to hire more part-time workers than in the past, mostly because of a rise in the relative costs of their full-time colleagues
And the pièce de résistance:
- ObamaCare’s labor effects would be concentrated in some industries with relatively low-wage or marginal workers.