CBO: Obamacare Is Slowing Growth, Contributing to Job Losses
The disaster continues.
The CBO reported today Obamacare will reduce the total number of American work hours by 1.5% to 2.0%.
Obamacare is slowing growth – contributing to job losses.
This follows reports that Obamacare is forcing more Americans into part-time positions.
And it’s likely to get worse…
Obamacare will kill off at least two percent of the US full-time workforce.
Obamacare is accelerating the US towards a part-time nation.
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.