Fully implementing Obamacare regulations have already cost the U.S. economy $27.6 billion and more than 18,000 jobs according to a new study released today. Just the top ten most expensive regulations have cost $24.4 billion, according to the new non-partisan and independent American Action Forum (AAF) report.
Just complying with the state health exchanges alone has to cost employers $3.4 billion according to the AAF totals which were compiled from Federal Register data. In addition to the regulatory costs, AAF estimates that Obamacare regulatory compliance has eaten up more than 60 million hours in paperwork. At 2,000 hours a year that comes to 30,000 jobs.
The AAF paper also calculated the regulatory costs and job losses in each state for the top ten must expensive Obamacare regulations. California has borne the brunt of Obamacare’s costs suffering $3.4 billion in costs and 2,917 jobs lost. Texas has been hit second hardest with $1.8 billion in costs and 1,292 jobs lost.
AAF Sam Batkins Director of Regulatory Policy comments: “This analysis barely scratches the surface of the regulatory impact of this law. Not only is there still over a year until the law is fully implemented, but we only looked at data that the Administration itself has made public. By looking only at the Administration’s own numbers, they are essentially conceding the fact that the ACA will place billions of dollars in regulatory burdens on the private sector and further strain states’ budgets. With still 15 months until full implementation there’s sure to be more regulatory costs.”
You can read the full report here.