Holly Wade is Research Director for The National Federation of Independent Business’s Research. Recently, according to a recent report in Reason by J.D. Tuccille (online, Mar. 23) Wade testified before the Senate Finance Committee. Regarding Obamacare’s effects on U.S. small business, she said, “The problems that many predicted have arrived but most of the promises for small business owners remain unfulfilled. We found that 62 percent of small business owners are paying higher premiums while only eight percent say their costs have dropped.”
Tuccille’s Reason account also cites the Federal Reserve Banks of New York and Philadelphia who have found the following after receiving reports from small businesses in their locales:
- The New York Federal Reserve Bank heard from businesses in the region they serve, describing higher healthcare costs emanating from the Affordable Care Act. Such businesses expect that trend to continue in 2015.
- Additionally, businesses have relayed to the Federal Reserve Bank of Philadelphia their intentions to increase prices, employ fewer staff, and utilize an increased amount of labor actually working fewer hours. The reasons are again “because of the increased costs associated with the health law,” according to Reason.