CBO: Obamacare Driving Millions Out of Work Force, Price Tag Tops $2 Trillion

Town Hall –

The nonpartisan Congressional Budget Office (CBO) determined in early 2011 that the president’s healthcare overhaul would cost the US economy 800,000 jobs. Democrats balked at the figure, insisting that the new law would be a job creation boon. Nancy Pelosi said a fully-implemented Obamacare program would create four million American jobs — and 400,000 “almost immediately:”

Implementation is upon us, and the CBO has revised its numbers:

 

 The Affordable Care Act will also reduce the number of fulltime workers by more than 2 million in coming years, congressional budget analysts said in the most detailed analysis of the law’s impact on jobs. The CBO said the law’s impact on jobs would be mostly felt starting after 2016. The agency previously estimated that the economy would have 800,000 fewer jobs as a result of the law. The impact is likely to be most felt, the CBO said, among low-wage workers. The agency said that most of the effect would come from Americans deciding not to seek work as a result of the ACA’s impact on the economy. Some workers may forgo employment, while others may reduce hours, for a equivalent of at least 2 million fulltime workers dropping out of the labor force.

 
The official numbers indicate that more than two million Americans will simply leave the work force (the workforce participation rate is already at a 36-year low) over the next four years as a result of the “Affordable” Care Act. Jake Tapper on the analysis’ raw estimates:

Read more

Advertisements
This entry was posted in Obamacare. Bookmark the permalink.

One Response to CBO: Obamacare Driving Millions Out of Work Force, Price Tag Tops $2 Trillion

  1. Pingback: Champion News | CBO: Obamacare Driving Millions Out of Work Force, Price Tag Tops $2 Trillion

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s