The Congressional Budget Office says ObamaCare is a job killer. But we already knew that, and have been saying so for four years. Now the Fed is catching up a little bit, yet losing 2-2.5 million jobs is the tip of the iceberg. “President Barack Obama’s healthcare law will reduce American workforce participation by the equivalent of 2 million full-time jobs in 2017, the Congressional Budget Office said on Tuesday in a report…”
What does the White House think of this horrible reality for at least 2 million people and their families? It’s just a “small percentage of the economy.” Remember I warned you about what happens when people are the budget. You get cut, you’re just a number on a piece of paper, “a percentage” of one thing or another.
ALEXIS SIMENDINGER, RCP: Medicare and Social Security are aimed at, primarily, people of a certain age, seniors. So when you talk about older people, that’s a whole separate equation than the ACA. This is a group of human beings who are in a program that are of all ages.
JASON FURMAN, WHITE HOUSE: First of all, this number itself is a small percentage of the overall economy. Second of all, this number itself is about, effectively, choices of people. And third, it doesn’t reflect the full set of factors that go into it.
President Barack Obama’s healthcare law will reduce American workforce participation by the equivalent of 2 million full-time jobs in 2017, the Congressional Budget Office said on Tuesday in a report that could fuel Republican efforts to paint the law as a job killer.
In its latest U.S. fiscal outlook, the nonpartisan CBO said the health law would prompt some lower-income workers to limit their hours to avoid losing federal subsidies that are available under the law to help pay for health insurance.
The CBO said the biggest impact on work hours from the health law would begin in 2017 because major provisions of the law will be well under way by then. The CBO said there would be smaller declines in work hours that would occur before then.
Work hours would be reduced by the equivalent of 2.5 million jobs in 2024, the agency said.
Republicans have long argued that the Patient Protection and Affordable Care Act (ACA) is a job killer that would discourage employers from hiring full-time workers.
“The ACA also will exert conflicting pressures on the quantity of labor that employers demand, primarily during the next few years,” the agency said.