Fox Baselessly Pins Holiday Spending Slump On ObamacareDecember 16, 2013 8:07 PM EST ››› CRAIG HARRINGTON
Fox News fabricated a connection between the Affordable Care Act (ACA or Obamacare) and a recent consumer survey to conclude that the law is hurting the economy in time for the holiday shopping season.
On the December 16 edition of Your World with Neil Cavuto, guest host Stuart Varney and Fox Business contributor Elizabeth MacDonald claimed that the ACA is depressing holiday spending. Their claims, based on a consumer survey released by Bankrate.com, showed that 38 percent of respondents plan to spend less during the holidays this year than the previous year.
Varney and MacDonald surmised that the health reform law is driving more Americans into less lucrative part-time work and, in turn, dragging down workers' ability to engage in commerce. MacDonald added "there is concern on the part of businesses over health reform," citing information from the Federal Reserve:
Varney and MacDonald's claims are unfounded.
The survey, conducted by Princeton Survey Research Associates International, makes zero mentions of the ACA or health reform and trends for most surveyed indicators -- from holiday spending and job security to personal savings and financial security -- are largely flat from year-to-year.
Furthermore, MacDonald's claim that the Federal Reserve Beige Book indicates a sense of unease in the business community regarding the ACA is a significant exaggeration. The Fed's most-recent official statement recognizes "concern about future cost increases attributable to the Affordable Care Act and other types of federal regulation," but lists no examples of those costs or any other negative consequences currently assigned to the law.
The "Obamacare Part-Time Jobs Myth" has also been easily dispelled by actual economists, including some of the same outlets that initially pushed the claims. Fox News has spent years blaming the Affordable Care Act for every hiccup in the economy including the unfounded claim that Obamacare forces employees into part-time work, or destroys jobs altogether.