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Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Friday, February 11, 2011

CBO: Health Law Will Shrink Jobs by 800,000

CBO Director Douglas Elmendorf
By J. Lester Feder & Kate Nocera, Politicol: CBO Director Douglas Elmendorf told the House Budget Committee on Thursday that the health care law will reduce employment by 0.5 percent by 2021 because some people will no longer have to work just to afford health insurance.

“That means that if the reduction in the labor used was workers working the average number of hours in the economy and earning the average wage, that there would be a reduction of 800,000 workers,” Elmendorf said in an exchange with Rep. John Campbell (R-CA).

The report, published in August, said, "The Congressional Budget Office estimates that the legislation, on net, will reduce the amount of labor used in the economy by a small amount—roughly half a percent—primarily by reducing the amount of labor that workers choose to supply … That net effect reflects changes in incentives in the labor market that operate in both directions: Some provisions of the legislation will discourage people from working more hours or entering the workforce, and other provisions will encourage them to work more.”

. . . “More bad news for American families,” was how Budget Committee Chairman Paul Ryan’s office described the report in a release. “Since day one Republicans have opposed Obamacare for a simple reason: it would destroy jobs. Minority Leader Pelosi, Leader Reid and others said we were wrong. Guess not," said John Murray, deputy chief of staff for Majority Leader Eric Cantor. [Full Story]

Tags: Obamacare, Health Care, Health Care Reform, Jobs, Lost Jobs, Unemployment, Congressional Budget Office, Douglas Elmendorf To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 12:25 PM - Post Link

3 Comments:

Anonymous Liz Deapen said...

Ahhh...Barry and Nancy with their brilliant futuristic ideas. NOT. Freaks.

2/12/2011  
Anonymous Laura Richards said...

The health care bill will cut jobs and will give us a chip so they are in total control of our lives and it's linked right to our bank account.

2/12/2011  
Anonymous Mesothelioma said...

Nice information, many thanks to the author. It is incomprehensible to me now, but in general, the usefulness and significance is overwhelming. Thanks again and good luck!

2/16/2011  

Post a Comment

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