Just when you thought Obamacare couldn’t get any worse, the Congressional Budget Office (CBO) reported on Tuesday that the equivalent of 2.5 million jobs will be lost due to Obamacare.
We can’t afford to lose any more jobs.
These numbers are calculated according to how many work hours the CBO estimates will be lost in the coming decade. Reuters reports, “In its latest U.S. fiscal outlook, the nonpartisan CBO said the health law would lead some workers, particularly those with lower incomes, to limit their hours to avoid losing federal subsidies that Obamacare provides to help pay for health insurance and other healthcare costs.”
Reuters continues, “Work hours would be reduced by the equivalent of 2.5 million jobs in 2024, said the agency, which earlier predicted 800,000 fewer full-time jobs by 2021. The bottom line would be a slower rate of growth for employment and compensation in the coming decade, according to the report.”
This is yet another example of the damage Obamacare has continued to inflict since its implementation.
Healthcare premiums have increased for millions. Couple this with high unemployment and it doesn’t look good for those already struggling in this bad economy.
Perhaps the most frustrating aspect of this debacle is that critics knew that both employees and employers would have to adjust their hours and hiring practices in order to navigate the pitfalls of this new law. Just like when the President promised, “If you like your plan you can keep it,” those in the Administration who promised that Obamacare wouldn’t negatively impact the job market couldn’t have been more wrong.
This week’s CBO report proves it.
Some workers will be forced to work fewer hours and will receive less pay, as both employers and employees attempt to avoid parts of the law that impact them negatively. The new report states, “CBO estimates that the ACA will reduce the total number of hours worked, on net… 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.”
The incentives under Obamacare are for both employers and employees to seek government-sponsored benefits as opposed to work. The way our current system is structured, it will be in their best personal interest for them to do so.
White House Press Secretary Jay Carney responded to the lost jobs in this week’s report by saying, “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. This CBO report bears that out, and the Republican plan to repeal the ACA would strip those hard-working Americans of that opportunity.”
Americans dream of having jobs that give them enough hours to take care of their families, including providing for their healthcare. Obamacare puts a significant dent in that dream, and Mr. Carney should be ashamed of himself for trying to pretend this disastrous policy is somehow a “choice” for workers.
Obamacare has been many things, but giving Americans more “choice” is not among them. It is a mandate on all of us.
The horribly misnamed Affordable Care Act may go down as one of the worst disruptions of the economy and government intrusions into our personal lives in history. By every measure–jobs, quality healthcare, the financial burden–this act has not been affordable.
When will this president start caring?