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Will ObamaCare Destroy The Job Market?

As of January 2015, Obamacare will require for firms with 50 or more full time employees to offer them affordable health insurance or pay a fine of $2000 to $3000 per employee. This is a concern for many businesses that do not already offer insurance coverage to their employees. However, for many businesses, there is the belief that there is a way around this particularly part of the law. One man claims that he is careful about meeting these terms by focusing more on the use of part time employees instead.

In order to keep the full time workforce below the amount of 50 workers, there are many businesses which are starting to rely more on part time employees instead. More than one in ten businesses surveyed by the Mercer consultancy - and one in five retail and hospitality companies - have claimed that they will be cutting workers hours due to the laws found in Obamacare. Although most people don’t think of it, one hundred part time employees could cook just as many burgers at a fast food restaurant as fifty full time employees. The former option would be more affordable for businesses based on this situation.

There are many divided opinions about whether the issues caused by the health reform are going to outweigh its benefits. Republicans, many of which never liked the Obamacare option, now feel that the health care reform is going to destroy jobs and ruin the job market. Democrats claim that it will promote more growth in the job market and boost employment. Because the law has so many different variables, it is too difficult for experts to be able to predict which option may be more likely. There is the risk that a lot of workers are going to face severe challenges.

During World War II, businesses used health insurance to help them handle scarce workers. Now 57 percent of employers offer it, providing coverage for around 150 million people. Company provided insurance plans are not taxed and employees like it because it’s generally better than not having insurance at all or having some form of poor coverage. On the individual insurance market, the providers charge incredibly high rates for the sick and those who have conditions already.

There has been a large amount of effect on the job market as a whole. Employees stay in uncomfortable jobs because they don’t want to risk losing their insurance. As insurance rises, employers are lowering the wages for their workers. Ultimately, although there are fears about how the job market may be affected by Obamacare, there is no true guarantee that it may affect employees negatively. While it may be more challenging to get full time hours at many jobs in the future, some experts suggest that the growth in part time work will provide individuals with more flexible job opportunities and those who want extra hours may be able to pursue additional work elsewhere.


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