A new report from the non-partisan Congressional Budget Office should pour cold water on Democrats who continue to deny that ObamaCare is a massive burden on the economy.
According to the CBO, ObamaCare will push approximately 2 million workers out of the labor market by 2017, as the law’s perverse incentives and regulations roll into effect. The latest estimate from the CBO is substantially larger than its previous analysis.
The report also finds that the economic burden is most likely to be felt among low-wage employees. Instead of trying to score political points by attempting to raise the minimum wage, shouldn’t Democrats focus on repealing ObamaCare and providing real economic relief to American workers?
President Obama routinely says his Administration is committed to creating jobs, but in reality his unpopular and unworkable health care law will lower wages, reduce hours, destroy jobs, and force millions of Americans out of the labor force.
From the Washington Post:
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.