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|Subject: ObamaCare and the '29ers'||Date: 2/23/2013 8:21 AM|
|Author: arrete||Number: 672706 of 774027|
That's all the people who are getting their hours reduced to under 30 hours.
>> Employers that pass the 50-employee threshold and don't offer insurance face a $2,000 penalty for each uncovered worker beyond 30 employees. So by hiring the 50th worker, the firm pays a penalty on the previous 20 as well.
These employment cliffs are especially perverse economic incentives. Thousands of employers will face a $40,000 penalty if they dare expand and hire a 50th worker. The law is effectively a $2,000 tax on each additional hire after that, so to move to 60 workers costs $60,000.
"Many stores will have to cut worker hours out of necessity. It could be the difference between staying in business or going out of business." The franchise association says the average fast-food restaurant has profits of only about $50,000 to $100,000 and a margin of about 3.5%.
That pretty much explains the problem in a nutshell. What a stupid piece of legislation. Does no one ever look ahead to see what the possible results of the legislation will be?
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