Previously, commentary and analysis of the Affordable Care Act's detrimental impact on the job market was relegated to the fringe blogosphere, which includes us here at Great Wealth Strategies. Much of the criticism has centered around the huge incentive on the part of employers to reduce workweeks to below the 30-hour mark. This allows them to curtail health insurance coverage mandates – which aren't set to be active until 2015 – and avoid costly fines.
As a result, the majority of jobs created since the end of the Great Recession – and, more importantly, the passing of Obamacare – are part-time service positions that do not include any form of health benefits. This leaves many workers in a tight situation, as they are required by the federal government, starting in January 2014, to acquire insurance through an Obamacare "marketplace."
What's so remarkable about this situation is the lengths to which the mainstream media, until recently, has ignored the employment issues created by Obamacare. Yet the winds are shifting as new reports from Reuters and Fox News detail the startling reality of the modern American jobs market.
"The warnings about Obamacare from Big Labor and other critics may be coming true, as more evidence surfaces that President Obama's health care overhaul is causing employers to prepare to push people into part-time work to avoid additional costs tied to the law," began a recent Reuters piece.
As more employers announce avoidance measures related to Obamacare – including a move by Forever 21 to curtail hours at some of its locations to 29.5 hours maximum – it's possible that more news like this will surface. It's yet another reminder that those who work hard and save up for retirement are at significant financial risk. Continue exploring our website today to learn more about how you can protect yourself economically.