A new and devastating CBO report predicts 2.3 million jobs will be lost under ObamaCare by 2017.
“CBO estimates that the ACA [ObamaCare] will reduce the total number of hours worked, on net, by about 1.5 to 2 percent during the period from 2017 to 2024, almost entirely because workers will choose to supply less labor — given the new taxes and other incentives they will face and the financial benefits some will receive.”
If this isn’t crazy enough, think about what Jay Carney said:
“Americans would no longer be trapped in a job just to provide coverage for their families, and would have the opportunity to pursue their dreams,” Mr. Carney said in a statement.
That’s right. We can all stay home and live on the dole I guess.
Nancy Pelosi was right! You have to pass the bill to see what is in it.
Wait until Medicaid starts hitting the people or how about medical device costs?
The cost of ObamaCare is already at $1.8 trillion over the next ten years. It was originally supposed to be $900 billion.
The CBO included a disclaimer:
CBO has increased its estimate of the effect of a given reduction in aggregate compensation under the ACA on hours worked. CBO’s earlier estimate was based on a simplifying assumption that affected workers would have average earnings—in which case the percentage reductions in compensation and hours worked would be roughly the same. However, people whose employment or hours worked will be most affected by the ACA are expected to have below-average earnings because the effects of the subsidies that are available through exchanges and of expanded Medicaid eligibility on the amount of labor supplied by lower-income people are likely to be greater than the effects of increased taxes on the amount of labor supplied by higher-income people.
It will be worse as time goes on if we don’t do something to alter this law.