Obamanomics meets Obamacare: CBO Director says that Obamacare would Reduce Employment by 800,000 Workers … JOBS, JOBS, JOBS
So much for Obama focusing on jobs like a laser. Barack Obama claims that his main focus will be jobs. Of course he said the same thing last year and the year before that. However, it appears that Obama’s signature legislation, Obamacare, will cost America jobs. CBO director says that Obamacare would reduce employment by 800,000 workers. Is there ever a moment when Obama is not trying to kill jobs?
Doug Elmendorf, Congressional Budget Office (CBO) Director confirmed in a House Budget Committee that Obamacarewould kill 800K jobs. It is yet another false promise of Obamacare. Initially Obama promised that the government take over of health care would lower costs and let people keep their own insurance. That was proved to be false.
Chairman [Paul] Ryan: “[I]t’s been argued…that the new health care law will create jobs and increase labor force participation. But if I recall from your analysis, it was quite the opposite. Is that not the case?”
Director [Douglas] Elmendorf : “Yes.”…
Rep. [John] Campbell: … First on health care, … you just mentioned that you believe — or that in your estimate, that the health care law would reduce the labor used in the economy by about 1/2 of 1 percent, given that, I believe you say, there’s 160 million full-time people working in ’20-’21. That means that, in your estimation, the health care law would reduce employment by 800,000 in ’20-’21. Is that correct?
Director Elmendorf: Yes. The way I would put it is that we do estimate, as you said, that…employment will be about 160 million by the end of the decade. Half a percent of that is 800,000.
Is it any wonder why the people want to repeal Obamacare?