March 13, 2013

Remarks: Mr. Speaker: The Federal Reserve on Wednesday March 6thTH released an edition of its so-called "beige book," that said the President's so-called Affordable Care Act is being cited as a reason for layoffs and a slowdown in hiring. The Federal Reserve noted and I quote: "Employers in several Districts cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff," end of quote. The "beige book" examines economic conditions of Federal Reserve districts across the country through interviews with "key business contacts, economists, and market experts" in each district. Supporters of the Affordable Care Act refer to the non-partisan Congressional Budget Office, which noted the law will have only mildly negative employment effects. Such defenses are far cries from the claims used by supporters of the bill to force its passage in 2009 -- and merely remind Americans of the countless broken promises that now define the so-called Affordable Care Act. The writing is on the wall, Mr. Speaker. The reality is the Affordable Care Act is costing American jobs. As more of its regulations go into effect, the more employers are going to alter their hiring decisions to account for its unaffordable cost.