If you thought ObamaCare was a catastrophic failure, well, good news. You were right.
Obamacare is forcing hundreds of thousands of people into part-time work, according to a new analysis from the bank Goldman Sachs.
In a research note sent out Wednesday, bank economist Alec Phillips concluded that “the evidence suggests that the [Affordable Care Act] has at least modestly elevated involuntary part-time employment.” He wrote that a “few hundred thousand” workers may have had their hours cut or been forced to take part-time jobs because of the law.
How did this happen. If a business employs 50 or more persons then it becomes liable for a wide array of expenses mandated by ObamaCare. It was predicted, years ago, that the logical outcome would be for businesses to reduce working hours of its staff so it could avoid crossing the 50 full-time employee threshhold.
The report characterizes the “few hundred thousand” workers as a moderate number and it may be if you are not one of those people who are now holding down two or more part time jobs to make roughly the same pay you would make working full time if such work was available in the age of Obama.
Goldman Sachs reviewed the industries with the most workers without health care coverage working for firms with at least 50 employees, such as bars, restaurants, and retail stores.
Those industries, the analysis found, have higher numbers of workers working part-time involuntarily.
The interesting thing is that the industries hardest hit by involuntary part time work and also those industries that a) are the lowest paid and b) are the only jobs available to low skill workers.
In the guise of providing health care, what Obama has done is lock a lot of Americans into the lowest rungs on the income ladder with no reasonable way out.