The Congressional Budget Office has revised its estimate of Obamacare’s effects on the workplace and determined that it will be responsible for the loss of 2.3 million jobs by 2021.
The CBO in 2011 had estimated Obamacare would cost 800,000 full-time equivalent workers.
The report suggests that Obamacare incentives will convince more and more workers that it’s simply better to take the government benefits 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,” the report reads.
Due to computer problems, Obamacare will sign up 1 million fewer people than expected this year, the CBO said, but enrollment will catch up by 2020, leaving 30 million Americans without insurance, or about what some politicians had estimated as the number of uninsured people in America before Obamacare was passed.
The same report also revised downward the projected 2015 Gross Domestic Product by a full percentage point, to 3.4 percent.
Continued slow growth means that lower revenues to the Treasury will result in an additional $1 trillion to the cumulative deficit over the next 10 years, the CBO added. Debt held by the public is projected to be 80 percent of GDP by 2024.
Nancy Pelosi said we had to vote on Obamacare to see what was in it. It’s turning out to be exactly the Pandora’s box that conservative critics expected all along.
So long as Democrats control the Senate and Captain Wow is the president, there doesn’t seem to be any hope of putting Obamacare out of our misery.
But the first chance we get, the American people need to dismantle Obamacare and all of Obama’s economic policies. Dynamite may be in order.
Liberals have a unique (some would say crackpot) view of the world, and that extends to mathematics as well as their social engineering schemes.
Not only does Obamacare illegally insert government into your personal life, it’s going to wind up costing everyone a bundle for the privilege.