Monday, September 5, 2011

Obamacare- #3220 - Growing Cancer of Obamacare Killing Off Ability of Economy to Create Jobs - New York Post

In the early months of 2010, the economy was starting to show signs of life after the recession. Then Congress passed the president’s health-overhaul law.  Debate over the ObamaCare law’s potential impact on hiring and the economy has been fierce from the start. The president promised it would be a boon to both; then-Speaker Nancy Pelosi said the law would create 400,000 jobs “almost immediately.” Others argued the law would make businesses much less likely to hire new workers.  That debate should now be over.  The Heritage Foundation’s James Sherk recently released a paper comparing the rate of net job growth before and after the passage of ObamaCare in March 2010. The findings show that job creation came to a screeching halt at the time ObamaCare was enacted. The low point of the recession came in January 2009, when US employers shed 841,000 jobs in just that one month. But the economy slowly started to recover over the next 15 months; private employers began hiring workers at an average rate of 67,600 per month (net of layoffs). The economy’s high point came with the April 2010 report, when 229,000 jobs were added.  But ObamaCare was signed into law in late March, and the hiring freeze began. In the following months, the economy added an average of just 6,500 jobs per month (net of layoffs) -- less than a tenth the pre-ObamaCare average.  This doesn’t prove that the health law is a major cause of the problem. But there is no question that the jobs recovery stalled after ObamaCare passed.  Read more.......  Steve Peters Commentary: Anyone following politics for the last several years knows what Obama will propose in his speech to the joint session of Congress. He is an left-wing ideologue, and will continue to push for more of his big government solutions that have brought the American economy to it's knees. He is repeating the mistakes his hero FDR made, that deepened and lengthened the Great Depression. He will not be a "forgotten man", and will go down as more than a foot note in history, but not for the reasons he desires. Just over half of the American voters hired Obama in 2008, who had no real world experience to run America Inc., the largest economic engine the world has ever know. A vast majority of the voters regretted that decision based on the results of the 2010 election. Looking at the latest polls, voters are even more dissatisfied with his job performance now, and are forward to firing him and the Democrats in 2012.

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