Obamacare is going to eliminate 2.5 million jobs over the next decade, according to the Congressional Budget Office:
It said the equivalent of 2.3 million workers would be lost by 2021, compared to its previous estimate of 800,000, and that 2.5 million workers would be lost by 2024. It also projected that labor force compensation would be reduced by 1 percent from 2017 to 2024 — twice its previous estimate.
Although the CBO projects that total employment and compensation will increase over the coming decade, that increase will be smaller than it would have been in the absence of the healthcare law.
The findings immediately roiled the debate over the healthcare law on Capitol Hill ahead of this year’s midterm elections.
The CBO’s director was pretty blunt:
“All our analysis led us to conclude the effects of the [healthcare law] on labor force participation would be a good deal larger than we had thought originally,” CBO Director Doug Elmendorf said. “Fundamentally, the Affordable Care Act provides subsidies to lower income people and those subsidies phase out … that will have some effects on discouraging labor supply.”
This is on top of the fact that the “job growth” we have (or that the Administration said we had up until December; it’s actually gotten worse) wouldn’t get us back to 2006 levels until the 2020s. Sometime. Maybe. Barring any other problems.
By all means, Democrats – keep changing the subject.