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Billiejeens
Obamacare will push 2 million workers out of labor market: CBO
February 4 at 12:10 PM

Obamacare will push the equivalent of about 2 million workers out of the labor market by 2017 as employees decide either to work fewer hours or drop out altogether, according to the latest estimates Tuesday from the Congressional Budget Office.

That’s a major jump in the nonpartisan budget agency’s projections and it suggests the health care law’s incentives are driving businesses and people to choose government-sponsored benefits rather than work.


CBO estimates that the ACA 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,” CBO analysts wrote in their new economic outlook.

The scorekeepers also said the rollout problems with the Affordable Care Act last year will mean only 6 million people sign up through the state-based exchanges, rather than the 7 million the CBO had originally projected.

But over the long run, Obamacare will eventually catch up and by 2020 only about 30 million people will be without insurance coverage — down from 45 million this year. That will mean about 92 percent of legal U.S. residents without guaranteed access to Medicare will have insurance coverage.

Taking the budget as a whole, the CBO said Congress has made substantial headway on cutting spending and raising taxes, which has cut the deficit in 2014 to just $514 billion.

That deficit will continue to drop in 2015, but will then begin to quickly rise, once again topping $1 trillion in 2022.

The CBO analysis said the economy isn’t rebounding as fast as usual after such a deep recession, and said that poor growth means less revenue coming in to the Treasury Department — which means the cumulative deficit over the next decade will be $1 trillion more than projected just last year.


Debt, which is the accumulation of those annual deficits, is already at its highest level since the aftermath of World War II, and the CBO says debt held by the public will be nearly 80 percent of gross domestic product by 2024, which is the end of the budget window.

The new report will give ammunition to those who argued that tax increases or spending cuts should have been delayed while the government pursued more stimulus spending to boost economic growth over the last few years.

But the CBO’s report also suggests that the problems are more structural, given the aging U.S. population and women’s participation in the labor force.



 

Replies

  • Ednarooni160
    Eds
    February 4 at 1:15 PM

    Where's all the replies to this..no takers? 

    Obamacare will push the equivalent of about 2 million workers out of the labor market by 2017 as employees decide either to work fewer hours or drop out altogether, according to the latest estimates Tuesday from the Congressional Budget Office.

  • Billiejeens
    February 4 at 1:39 PM

     Of course not.

    Quoting Ednarooni160:

    Where's all the replies to this..no takers? 

    Obamacare will push the equivalent of about 2 million workers out of the labor market by 2017 as employees decide either to work fewer hours or drop out altogether, according to the latest estimates Tuesday from the Congressional Budget Office.

     

  • Billiejeens
    February 4 at 3:08 PM

    (Obama supporter looking up)

    He is still (half) black, yes?

    ((yep - yep))

    I'm Good!

  • vic270
    by vic270
    Vic
    February 5 at 11:47 AM

    i just watched this on the news and i am amazed at the ease of this administration in ruining this country. he is doing all the things he does, (of course he don't admit that anything is wrong) its reported on the news, everyone sees it, he denies it and therefore it didn't happen. i hope someday that we can take what is left of our country back, but i don't think , if madam hillary gets elected, we won't have to worry about it. he is the first president that has ever added more ppl to public assistance than he has created jobs for.

  • sillygirl83
    February 5 at 2:52 PM

    Even more people out of work.  Just what we need.

  • Billiejeens
    February 5 at 2:55 PM

     More people out of work - means more Government dependents.

    I think Obama must think he gets to add those people on his tax return as dependents.

    Quoting sillygirl83:

    Even more people out of work.  Just what we need.

     

  • lylalane7275
    February 5 at 3:00 PM

    FLASHBACK: Nancy Pelosi Said ObamaCare Will CREATE 4 Million Jobs

    By: Guy Benson (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:"

    Should have read the bill before you passed the bill Nancy.

  • Billiejeens
    February 5 at 3:03 PM

     

    Quoting lylalane7275:

    FLASHBACK: Nancy Pelosi Said ObamaCare Will CREATE 4 Million Jobs

    By: Guy Benson (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:"

    Should have read the bill before you passed the bill Nancy.

     Maybe she was counting the 400,000 that it would take to read it to her and get her to some low level of comprehension of said bill.

  • lylalane7275
    February 5 at 3:08 PM

    Perhaps, but it's probably just because she's a lying idiot.

    Quoting Billiejeens:


    Quoting lylalane7275:


    FLASHBACK: Nancy Pelosi Said ObamaCare Will CREATE 4 Million Jobs

    By: Guy Benson (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:"

    Should have read the bill before you passed the bill Nancy.

     Maybe she was counting the 400,000 that it would take to read it to her and get her to some low level of comprehension of said bill.


  • MsDenuninani
    February 5 at 3:13 PM

    So, essentially, the CBO publishes a report that says that people who now have health care feel less incentive to keep jobs that they only had because they needed the health care.

    And that's a bad thing?

    That's like saying that now that I make enough money working only five days a week, instead of working six days a week, this is bad, because now I'm only working five days. 

    Sorry, but I don't see people making the individual choice to opt out of working jobs that they no longer need a bad thing.

    (Especially since this means that employers will now have to work harder to find people to fill jobs.  Perhaps they will start incentivizing them with increased wages?)

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