A Federal Reserve report out Wednesday said that concerns about ObamaCare are weighing on hiring and sales, the latest evidence that the sweeping health law already is having a significant negative impact on employment.
The U.S. economy continued to expand at a "modest to moderate" pace last month, according to the central bank's beige book. But the Fed's anecdotal report of economic conditions also noted that President Obama's Affordable Care Act isn't helping.
Employers in several Districts cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff," the beige book report read.
Businesses in several districts also told the Fed that the payroll tax hike and ObamaCare "restrained sales growth." The Richmond Fed stated: "Employers across the District continued to cite the Affordable Care Act and its unknown impacts as reasons for planned layoffs and reluctance to hire more staff." The Kansas City Fed stated: "Firms continued to report changes in health care policy and fiscal uncertainty as reasons for delayed hiring." The Dallas Fed said this about staffing firms: "Some contacts noted concern that client companies are hiring the absolute minimum to get by due to uncertainty about the Affordable Care Act."
Worse piece of legislation ever, by the worse President ever.