In the early months of 2010, the economy was starting to show signs of life after the recession. Then Congress passed the president’s health-overhaul law.
The low point of the recession came in January 2009, when US employers shed 841,000 jobs in just that one month. But the economy slowly started to recover over the next 15 months; private employers began hiring workers at an average rate of 67,600 per month (net of layoffs). The economy’s high point came with the April 2010 report, when 229,000 jobs were added.
But ObamaCare was signed into law in late March, and the hiring freeze began. In the following months, the economy added an average of just 6,500 jobs per month (net of layoffs) — less than a tenth the pre-ObamaCare average.
This doesn’t prove that the health law is a major cause of the problem. But there is no question that the jobs recovery stalled after ObamaCare passed.
In a recent US Chamber of Commerce study, 33 percent of business owners cited Obama–Care as either the biggest or second-biggest reason they’re not hiring new workers.