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.

Visit msnbc.com for breaking news, world news, and news about the economy

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?

Tags

[custom-twitter-feeds headertext="Hoystory On Twitter"]

Calendar

February 2011
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28  

Archives

Categories

pencil linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram