Got all that.
First off – we were told that Obamacare would create 4 million jobs. Now the government’s own statistics show that to be added to the list of lies around Obamacare.
The official numbers say: The Affordable Care Act will also reduce the number of fulltime workers by more than 2 million in coming years, congressional budget analysts said in the most detailed analysis of the law’s impact on jobs. The CBO said the law’s impact on jobs would be mostly felt starting after 2016. The agency previously estimated that the economy would have 800,000 fewer jobs as a result of the law. The impact is likely to be most felt, the CBO said, among low-wage workers. The agency said that most of the effect would come from Americans deciding not to seek work as a result of the ACA’s impact on the economy. Some workers may forgo employment, while others may reduce hours, for a equivalent of at least 2 million fulltime workers dropping out of the labor force.
CBO states, in reference to these impacts, that the “exchange subsidies effectively constitute a tax on labor supply for a broad range of workers.” CBO goes on to state that forgoing Obamacare subsidies and returning to full time work with health benefits (for lower wage and middle class workers) amounts to an average, implicit tax of about 15% paid by each worker. CBO does note that these considerations only affect a segment of the workforce – specifically the middle class and working class who earn annual incomes that put them below 400% of the Federal poverty level (about $95,000 for a family of four). But that represents a large portion of the labor market.
Among some of the CBO’s other findings:
The CBO is now estimating that the law will reduce labor force compensationby 1 percent from 2017 to 2024, twice the reduction it previously had projected.
CBO also said the botched ObamaCare rollout will result in 6 million people signing up for coverage through the insurance exchanges this year, 1 million fewer than projected last year. That estimate conflicts with whisper number circulating in Washington, which put the figure between 4 to 5 million enrollments by March 31, 2014.
The CBO report also said the health care law will distort the economic incentives for individuals to work and thus the nation will lose the equivalent of 2.5 million full-time jobs by 2024.
On the employment front, CBO said, “The reduction in CBO’s projections of hours worked represents a decline in the number of full-time-equivalent workers of about 2.0 million in 2017, rising to about 2.5 million in 2024.”
CBO wrote that, “For some people, the availability of exchange subsidies under the ACA will reduce incentives to work.”
And there you have it.
Sign up to receive RightOnDaily updates sent to your inbox.