Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
WASHINGTON, Feb. 6 -- The House Education & the Workforce Committee issued the following news release:
The Ways and Means, Education and the Workforce, and Energy and Commerce Committees today unveiled the ObamaCare Burden Tracker (#ObamaCareBurden).
The Burden Tracker is an online resource to help the public keep track of all of the new government mandates, rules, and red tape as a result of ObamaCare.
The burden of ObamaCare is already being felt, even though many provisions of the law, including the requirement for most Americans to buy government-approved health insurance or pay a tax, are not set to take effect until 2014. According to the Obama Administration's own estimates, ObamaCare will require American job creators, families, and health care providers to spend over 127 million hours per year on compliance.* That burden is growing with every new regulation published, and the Burden Tracker will be updated as those new regulations are issued throughout the year.
Every hour and dollar spent complying with the Democrats' health care law are time and resources being taken from spending time with family, growing a business and creating jobs, or caring for patients. Since many small businesses do not employ in-house lawyers and accountants, compliance costs are especially expensive and burdensome. Given the new demands of complying with the law, it is not surprising that over 70 percent of small businesses cite the health care law as a major obstacle to job creation.
What could be done in 127,602,371 hours?
* Mount Rushmore, which took 14 years to build, could be constructed 1,040
* Halley's comet, seen from Earth once every 76 years, could be spotted 191 times.
* The Empire State building, which took 7 million man hours to build,
could be constructed 18 times.
Ways and Means Chairman Dave Camp (R-MI) stated, "This is just another example of the Obama Administration placing the burden of their policies on the backs of those who are already doing more with less time and resources - families and small businesses. With many rules and regulations yet to come, these 127 million burden hours - many of them due to complying with new taxes - are just the tip of the iceberg. Worst of all, the law has failed to deliver what Americans need most - affordable health care."
Education and the Workforce Chairman John Kline (R-MN) added, "There's no question the president's health care law is making an already difficult situation worse for America's families, workers, and job creators. The regulatory tsunami generated by ObamaCare is forcing employers to spend time and money complying with the dictates of a government takeover of health care instead of creating jobs and investing in our economy. Republicans will continue to hold the Obama administration accountable for its enforcement of this job destroying law."
Energy and Commerce Chairman Fred Upton (R-MI) said, "The health care law's backers said it would assist families and small businesses, but the numbers tell a different story. Thanks to the 2,800 page law and the tens of thousands of pages of regulations, families and business will be forced to spend millions of hours complying with the law. And according to some press reports, the complex new system will require a whole new layer of personnel - with 21,000 of these individuals needed in California alone - to help Americans navigate the bureaucracy. Whether it's navigating the system as someone seeking insurance or ensuring compliance with the mandates, this is valuable time that could be used to run businesses, create jobs, and grow the economy."
ANNUAL TOTAL BURDEN HOURS: 127,602,371 AND COUNTING...
*Based on Administration estimates released by the Office of Management and Budget.
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