According to an analysis from the American Action Forum, the toll of Obamacare regulations on small businesses cost 295,030 jobs and killed 10,130 small businesses, totaling a staggering $19 billion in lost wages.
The kicker? That was just in 2015 alone:
Based on federal data, the report said, “We found that since the ACA became law, among small businesses, the rise in premiums has been associated with $19 billion in lost wages, 10,130 fewer business establishments, and nearly 300,000 lost jobs, with seven states losing more than 10,000 jobs, all results consistent with our previous research. Given the premium spikes in some states, 17 percent to 47 percent, it is not difficult to understand how the labor market reacts to the significant increase in health care costs. In fact, regulators predicted many of these increases when they first implemented the law.”
The report provides cost details and estimates for each state. Here are just a few of the numbers:
- $2,095 in lost annual wages in Ohio
- $2,134 in New York
- $2,260 in North Dakota
- 17,950 lost jobs in Florida
- 19,000 in Ohio
- 15,680 in Pennsylvania
- 28,010 in Texas
Read the full AAF report here.