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CBO report: Obamacare after effect may cause job loss



by Joseph Earnest  February 4, 2014


Newscast Media WASHINGTON—A report released by the non-partisan Congressional Budget Office reveals the projected impact Obamacare will have on jobs. The report shows that the Affordable Care Act includes a range of provisions that will take full effect over the next several years and that will influence the supply of and demand for labor through various channels.


For example, some provisions will raise effective tax rates on earnings from labor and thus will reduce the amount of labor that some workers choose to supply. In particular, the health insurance subsidies that the act provides to some people will be phased out as their income rises—creating an implicit tax on additional earnings—whereas for other people, the act imposes higher taxes on labor income directly.


According to the budget office, workers will choose to supply less labor, given the new taxes and other incentives they will face and the financial benefits some will receive.

The consequent reduction in CBO's projections is about 2.5 million lost jobs by 2024.

Both parties are looking at the report through different angles.  The Obama camp argues that the report is good news because people will have the option of retiring early rather than continue to work for additional years.

The Republicans have the opposite take: "For years, Republicans have said that the presidents health care law creates uncertainty for small businesses, hurts take-home pay, and makes it harder to invest in new workers," House Speaker Boehner said in a statement. "The middle class is getting squeezed in this economy, and this CBO report confirms that Obamacare is making it worse."

 Click here to read or download entire CBO report. (pop-up)

Either way, both Republican politicians and Democrats have their cadillac retirement plans, so it will ultimately be the constituents who will be better at judging whether or not Obamacare affects them negatively. Add Comments>>














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