Heckuva job, Democrats:
A historically high number of people will be locked out of the workforce by 2021, according to a report by the Congressional Budget Office released Tuesday.
President Barack Obama’s signature health-care law will contribute to this phenomenon, the CBO said, citing new estimates that the Affordable Care Act will cause a larger-than-expected reduction in working hours—eliminating the equivalent of about 2.3 million workers in 2021.
In 2011, the CBO estimated the law would cause a reduction of about 800,000 full-time equivalent workers.
“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,” said the report.
As Bryan Preston points out, this is the equivalent of losing almost the entire workforce of Nevada.
Well, about that promise…
A new study finds that Obamacare’s redistribution will be stunningly lopsided. Scholars at the liberal Brookings Institution have discovered that Obamacare will increase the income of Americans in the lowest 20 percent of the income scale, and especially in the lowest ten percent. But all other income groups — even people who make very modest incomes in the $25,000 to $30,000 range, as well as all income brackets above that — will experience a decline in income because of Obamacare.
In other words, Obamacare is going to cost some of the very people it was designed to help.
So, not only will Obamacare inflict people with higher premiums, bigger co-pays, and smaller provider networks, but it will on top of all that reduce most people’s income.
Genius. I hope the voters remember to reward the Democrats in November for all their hard work.
(Crossposted at Sister Toldjah)