Affordable Care Act and the Effect on the Economy Essay

Affordable Care Act and the effect on the economy The Affordable Care Act, also called Obama Care, was signed into law by president Barrack Obama, on March 23, 2010 (Erickson, Scott 1). What exactly is the Affordable Care Act? It was a legislation that addressed the idea that all Americans should have access to affordable health care. The act was passed only after intense political battles in Congress, and as the legislation lingers through installment enhancements there is a great deal of doubt developing. Many were faulted into believing that the health care reform would â€Å"create 4 million jobs and nearly 480,000 jobs immediately† (Democratic Policy Communications Center). However, multiple economists have viewed these statistics as†¦show more content†¦Therefore, many businesses will be forced to hire part-time or seasonal employees instead of fulltime. According to many economists, this bill raises many questions as to why jobs will be eliminated along with reduced wages and hours. According to the Congressional Budget office, this law will reduce the amount of labor used in the economy by nearly half (The Budget). This is because many businesses would prefer to hire part time employees or seasonal in order to bypass benefiting the worker. If a company hires full time employers they will qualify for health benefits, which will result in higher expenses for the owner, cutting wages and forgoing new hires. An example of this expenditure lies within the fast food giant stating, â€Å"The mandate eat up roughly 55 percent of its yearly net income after 2014†(Eaton, Sabrina). As a result of the Congressional Budget Law, White Castle will struggle to keep their business established. Critics analyze the Affordable Care Mandate gives businesses an incentive to cut hours and wages. A report released questioning business owners about the mandate. David Bridal, a business owner ordered his 2500 full-time employees to be converted to unemployed working under 25 hours a week. He insists the mandate will tax his business more than before. On the other hand, large businesses have human resourcesShow MoreRelatedThe Affordable Care Act : Obama Care, The Patient Protection Act1732 Words   |  7 PagesThe Affordable Care Act Obama Care, The Patient Protection Act, people have given it many nicknames but it’s official name is The Affordable Care Act. The law may have several nicknames, but one thing is for sure, it is very controversial. Americans are torn on whether the law will work or not, and it’s causing a huge debate ahead of the 2016 presidential election. 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