Gallup recently commissioned a new poll of small businesses and their preparations for the Affordable Care Act. As one major law firm put it, the results were “startling”:
- 19% reduced their workforce as a result of Obamacare
- 38% have either cancelled or pulled back their growth plans until after Obamacare is implemented and they know its impacts
- 41% have frozen hiring entirely either to stay under the 50 employee floor or to determine the law’s full impact before proceeding
- 48% said they believe the law will weaken their bottom line
- 52% said healthcare coverage levels and quality will decline
- 55% said that overall health care costs will increase for both them and their employees
- Only 9% believe it will help their business
It is clear small businesses are terrified of this law. Are their fears justified and, if so, will Obama’s famed legislation hamper the slowly-rebounding economy?
Judging by how businesses are reacting to the law, there seems to be little hope that Obamacare will do anything but worsen the economic prospects of most small businesses.
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