Mr. THOMPSON of Pennsylvania. Mr. Speaker, the Federal Reserve, on Wednesday, March 6, released an edition of its so-called ``beige book'' that said that the President's Affordable Care Act is being cited as a reason for layoffs and a slowdown in the economy and a slowdown in hiring. The beige book examines economic conditions of the Federal Reserve districts across the country through interviews with key business contacts, economists, and market experts in each district.
The Federal Reserve noted:
Employers in several districts cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff.
Supporters of the Affordable Care Act refer to the nonpartisan 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 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 costs.