The Winston-Salem Journal’s Richard Craver analyzes last week’s news that Wake Forest Baptist Medical Center will eliminate 950 jobs:
Economists say the local economy has done a remarkable job absorbing the cuts, whether in tobacco, furniture, textiles, trucking, retail, call centers, computers or banking. But hospital workers might face a tough time finding comparable jobs, or comparable salaries, in the health-care industry in the Triad, analysts say.
And the health-care industry is operating in a weak economy while it is uniquely affected by government budget challenges and federal and state laws and regulations, including the federal Affordable Care Act. The result is that not-for-profit health care organizations, like for-profit businesses, are experiencing more of an effect from supply and demand issues than has been the norm.
After seeing the 60 Minutes segment on Asheboro, you might think it’s debatable whether or not the local economy has done “remarkable job” absorbing cuts in other industries.
Bottom line is —if N.C. State economist Michael Walden is right and Baptist’s layoffs are a “bellwether announcement likely to be repeated across the state and nation”—thanks to Obamacare—- then hospital workers will have trouble finding a job in their profession, further adding to the country’s unemployment woes.
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