Link if video does not play: Why There Are No New Jobs In America
Porter says "You'll see why there are no jobs in the U.S."
Not quite. Jobs are soaring now because of Obamacare, just not in a way anyone should brag about.
Businesses are reducing part-time hours across the board from 30-34 hours to 25 hours or less because Obamacare defines full-time work as 30 hours. Business owners (small and large) are cutting the hours people work so they can avoid penalties for not offering health-care insurance.
For details please see Obama Slashes Four Hours Off Definition of "Full-Time" Employment.
Today I learned of another company with 2,000+ part-time workers sending out a notice to part-time employees that their hours would be capped at 25. I was asked not to mention the company, so in deference to the worker who told me, I will honor the request.
Other examples are easy to find however, just check out the reference to Olive Garden and Red Lobster below.
Do the math. Reducing hours from 30 to 25 for 2,000 workers is a net reduction of 10,000 hours. To make that up, the company will have to hire 400 workers, an increase of 20%.
This is happening across the board in many industries. 10-20% staff increases in fast food chains, restaurants, grocery stores, etc., is one hell of a lot of jobs and right at election time as well. Did someone figure this out in advance or was it pure luck?
Obamacare Employment Recap
I have written about this issue three times recently. Here is a recap.
- Is Obamacare Responsible for the Surge in Part-Time Jobs?
- Prepping for Obamacare, Olive Garden and Red Lobster Cut Workers' Hours; Are Other Companies Doing the same?
- Mish Obamacare Mailbag: Expect More Part-Time Jobs
Obamacare is yet another "partnership" offer Porter could have explained, and the distortions as I have shown are quite the thing.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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