CBO Director Says Obamacare Would Reduce Employment by 800,000 Workers

[Dave]

Raise your hand if your at all surprised by this. Lets see... no one is raising there hand.. can't say I am surprised.

 

 

Testifying today before the House Budget Committee, Congressional Budget Office (CBO) Director Doug Elmendorf confirmed that Obamacare is expected to reduce the number of jobs in the labor market by an estimated 800,000. Here are excerpts from the exchange:

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: Thank you, Mr. Chairman, we'll -- and Dr. Elmendorf -- and we'll continue this conversation right now. First on health care, before I get to -- before I get to broader issues, 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.

[Willy]

A little more information would be nice. Such as how and why the jobs would be lost. 

[Dave]

If I see anything more on this I will post it here... what is above was all that was in the blurb I saw. I imagine more info will come out at some point soon.

[XLFD]

To look on the 'bright' side, the counter-productive workforce of government bureaucrats will increase by about the same amount. 

Who wants to make widgets when you can serve on a 'Death Panel'?