Obamacare is adding billions in economic costs and millions of paperwork hours, according to a new report released on Monday.
To mark the anniversary of Obamacare, which became law on March 23, 2010, the American Action Forum released a report finding that the law’s regulatory burdens are twice as great as its benefits.
“After four years of implementation, countless delays, a website disaster, and constant litigation, the Affordable Care Act (ACA) celebrates its inauspicious birthday this week,” the report said. “From a regulatory perspective, the law has imposed more than $27.2 billion in total private sector costs, $8 billion in unfunded state burdens, and more than 159 million paperwork hours on local governments and affected entities.”
“What’s more troubling, the law has generated just $2.6 billion in annualized benefits, compared to $6.8 billion in annualized costs,” it said. “In other words, the ACA has imposed 2.5 times more costs than it has produced in benefits.”
Aside from reduced employment, insurance cancellations, and implementation problems in all 50 states, Obamacare’s regulations are very costly to the economy, the report said.