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Oh My: CBO Report Finds Obamacare Will Push 2 Million Workers Out of Labor Market Over Next 3 Years…
And Dem leaders are claiming they will run on Obamacare in the midterms and win.
WASHINGTON – 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 CBO’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 said in its 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 CBO had originally projected.