In another punch to the gut that Obamacare is brining to America, this week, news broke from the Congressional Budget Office that the continuation of Obamacare would result in a loss of over two million jobs by 2021.
According to the Associated Press,
The workforce changes would mean nationwide losses equal to 2.3 million full-time jobs by 2021, in large part because people would opt to keep their income low to stay eligible for federal health care subsidies or Medicaid, the Congressional Budget Office said. It had estimated previously that the law would lead to 800,000 fewer jobs by that year.
CBO Director Douglas Elmendorf said the top reasons people would reduce work would be to qualify for subsidized coverage and an expanded Medicaid program but that lower wages — because of penalties on employers who don't provide coverage and looming taxes on generous health care plans — would also be a factor.
National Review editor Rich Lowry has an op-ed at POLITICO titled, "The Party of Work Less" that is worth reading in response to the news coming out of Washington this week.
The Democrats once styled themselves the party of workers. Now, they are the party of people who would have been workers, if it hadn’t been for Obamacare.
The Congressional Budget Office released a new analysis of the economic effects of the health care law on Tuesday that estimates that it will reduce the number of workers, in effect, by 2.5 million in 2024.
This unleashed a torrent of arguments from the Democrats implicitly denigrating the value of work. Perhaps not since Southern fire-eaters attacked Northern “wage slavery” in the mid-19th century has a good honest day’s work been talked about so dismissively. It turns out that discouraging work is just another one of the wonders of Obamacare.
The old jobs crisis was people not having jobs; the new jobs crisis is people having to work. The party devoted to combating inequality is now blithely unconcerned about a law discouraging people — especially people down the income scale — from earning more. So much for its championing of economic mobility.