Obamacare and effects

Matthew Hoy
By Matthew Hoy on February 11, 2011

President Obama admitted after his health care reform bill became law what was obvious to anyone with 1/8th of a brain: You can't increase benefits, expand coverage to 30 million people who don't currently have health insurance and simultaneously reduce costs.

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Now comes word from the Congressional Budget Office that as a direct result of Obamacare, the economy will lose an additional 80,000 a year over the next decade due to the legislation.

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.

And they were screaming bloody murder when the GOP referred to it as a job-killing health care bill?


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February 2011



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