[Congressional Record (Bound Edition), Volume 159 (2013), Part 3]
[HOU]
[Page 3377]
[From the U.S. Government Publishing Office, www.gpo.gov]




                  THE UNAFFORDABLE AFFORDABLE CARE ACT

  (Mr. THOMPSON of Pennsylvania asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  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.

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