According to the Congressional Budget Office, President Barack Obama’s healthcare law will reduce the American workforce by the equivalent of 2 million full times in 2017.
According to the latest U.S fiscal outlook, health care law would lead some workers, particularly those with lower income, to limit their hour to avoid losing federal subsidies the Obamacare provides to help for the health insurance and other healthcare costs.
CBO said that, the biggest impact would begin in 2017, because major provisions of the law, including an expansion of the Medicaid program for the poor in half of the 50 U.S. states, will be under way by then.
CBO also said that, there would be smaller declines in work hours that would occur before then.
Speaker John Boehner (House of Representatives) said in statements, the president’s healthcare law creates uncertainty for small businesses, hurts take-home pay, and makes it harder to invest in new workers. The middle class is getting squeezed in this economy, and this CBO report confirms that Obamacare is making it worse.
But the CBO report undercut a Republican claim that so-called risk provisions that would compensate health insurers for unexpected losses amount to a bailout and should be repealed.
The report said that, the provisions would actually net the federal governments $8 billion over three years. According to the Jason Furman (White House Council of Economic Advisers), it is not that the businesses are cutting those jobs.
President Barack Obama Will Reduce American Workforce
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