Effects of Health Care plan on the local economy
POSTED: Friday, June 29, 2012 - 6:32pm
UPDATED: Saturday, June 30, 2012 - 2:43pm
Tyler, Texas — The aftermath of Obamacare is expected to take a big toll on small businesses.
Small businesses might be at a loss if the law forces them to pay out even more for their workers health care.
Tom Mullens, President of the Economic Development Council in Tyler told KETK his take on how small businesses might be effected.
Mullens said that the law is very complex and as a result many people have not had the chance to fully understand what they are going to be required to do and how much extra expense might be involved.
Even though this has been a national story for quite some time now, small businesses are going to have to prepare for this big financial adjustment. Also, the business owners might not be the only ones in jeopardy, with the new heath care plan small business employees may be affected as well.
Mullens told KETK that Tyler is fortunate in the fact that their unemployment rate is at 6%, which is 2% lower than the national unemployment rate of 8%. However, Mullens said that if business owners feel that they can't afford adding these extra expenses to the payroll, the unemployment rate may rise.