August 3, 2012
Obama administration policies are sabotaging job growth.
Today, the Labor Department released its July jobs report and yet again, the numbers are dismal. Unemployment rose to 8.3 percent and 12.8 million of Americans are out of work, of which 5.2 million have been out of work for at least half a year.
While it is good news that 195,000 jobs were added in July, unfortunately it is not enough to keep up with the jobs needed to pull the economy out of its withering growth rate.
In the past few years, Obama Administration policy has perpetually chosen the path to discourage job growth and slow the economy. Here are three of those policies:
- Obamacare- By requiring companies with 50 or more employees to provide healthcare, Obamacare will de-incentivize companies from growing and hiring new employees. Research shows, “the cost to an employer of hiring a full-time worker increases to at least $10.03 per hour and for those with family health coverage, it is at least $13.75 an hour” this could lead to employers reevaluating new hires due to the additional fixed cost of providing government mandated healthcare coverage.
- Failed Stimulus Package- As part of President Obama’s Stimulus Package, unemployment benefits are extended up to an additional 20 weeks. Although the government distributes the unemployment checks, it is the former employer who must pay the taxes on those unemployment benefits. How do you control this? The New York Times answered by saying “By making as few hires as possible”.
- Increased Environmental Protection Agency Regulation- The EPA has begun to place more stringent regulations on sulfur dioxide emissions that will cut down coal production and close production plant which employ thousands of workers and contributes to $1.3 billion dollars of Texas’s state economy. The impact in Texas is a small example of what is to come if Obama continues to place stringent regulations on coal manufactures.
What do you think of the July jobs report?