If you are looking for a full-time job, prepare to be disappointed if President Obama wins re-election Tuesday. Since Obama was sworn into office in 2009, the number of Americans with full-time jobs has actually fallen by 370,000. The number of Americans with part-time jobs, by contrast, is up 1.5 million. Jobs are being created in the Obama economy, but they’re not the type of jobs Americans can live on. And Obama’s policies are clearly contributing to the shift.
Last month, we noted that Darden Restaurants, the parent company of popular chains like Olive Garden and Red Lobster, stopped replacing full-time employees who left the company. Instead, the company announced, it would only be hiring part-timers to meet its staffing needs. The reason? Obamacare. Obama’s signature domestic initiative fines employers with 50 or more full-time workers $2,000 for every full-time employee who does not have government-approved health insurance.
Many retail, food service and hospitality firms, including Darden, already offer all of their full-time employees bare-bones health insurance plans. But these plans, which have coverage limits, will become illegal under Obamacare in 2014. Darden and other firms face a stark choice: Buy more expensive health insurance for their full-time employees (which normally costs more than $5,000 for each employee), pay the $2,000 fine or hire fewer full-time workers.
More and more employers are going this last route.