Tuesday, February 4, 2014
Obamacare will reduce incomes of most Americans
◼ Obamacare is going to cost some of the very people it was designed to help. - Byron York/Washington Examiner @ByronYork
"The administration is playing with fire," said former Congressional Budget Office director Douglas Holtz-Eakin. "They sold this as 'only rich people pay, and everyone benefits,' and now we're finding out it's not true."
◼ CBO says Obamacare to cost $2 trillion over next decade, cut employment by 2.5 million - Philip Klein/Washington Examiner @philipklein
President Obama's health care law will cost slightly more than $2 trillion over the next decade, according to a new report from the Congressional Budget Office.
The CBO report also said the health care law will distort the economic incentives for individuals to work and thus the nation will lose the equivalent of 2.5 million full-time jobs by 2024.
John Boehner: The middle class is getting squeezed in this economy, and today the non-partisan Congressional Budget Office confirmed — as we've warned for years — that ObamaCare is making it worse.
◼ Issa: The CBO is finding out what’s in it, but there are still “surprises yet to come” from ObamaCare - HotAir
◼ The Jobless Care Act - Wall Street Journal Editorial
There are 7.8 million Americans working part-time who want full-time work, including a fry cook whose restaurant cut his hours to avoid Affordable Care Act mandates and confronted President Obama in an online Google Q&A last week: "We can´t survive. It´s not a living." Mr. Obama changed the subject to raising the minimum wage. But he can´t dodge reality forever as the evidence piles up that ObamaCare is harming the labor market.
On Tuesday no less than the Congressional Budget Office reported that the health law is causing Americans to work less or not at all, in a remarkable intellectual turnabout for the budget shop that Democrats cited repeatedly when selling ObamaCare. Now CBO—full of liberal-leaning economists—says the economy will lose the equivalent of two million full-time workers by 2017 and 2.5 million over the next decade, a threefold increase over its prior estimate....
"...Claims that the Affordable Care Act hurts jobs are simply belied by the facts in the CBO report," the White House declared Tuesday. By "facts," the White House seems to mean that the report is positive because "individuals will be empowered to make choices about their own lives and livelihoods" and "have the opportunity to pursue their dreams." There you have it: the new American dream of not working.
All of this is one more contradiction of the arguments that were used to sell ObamaCare. The law would reduce health-care costs and shrink the deficit, you could keep your health plan and your doctor, and businesses could hire more workers and be more competitive. All of this is turning out to be false, and now we learn that the law is a job destroyer that is
◼ Creating Killing Millions Of Jobs - Investor´s Business Daily Editorial
Not only will ObamaCare not create 4 million jobs, the Congressional Budget Office now says it will cut the number of hours worked 2% by 2024 — which is the equivalent of losing 2.5 million full-time jobs.
A big reason, according to the CBO, stems from the income-based subsidies meant to lower premium costs. When combined with other features of the tax code, these subsidies end up creating an effective marginal tax rate of nearly 50% for some lower middle-class families.
That is, every extra dollar these families earn will cost them about 50 cents in lost tax credits and ObamaCare subsidies, "thus discouraging work." To liberals, this is no big deal, since workers will be "choosing" to work less. "Means-tested programs always reduce employment," writes Kevin Drum in Mother Jones.
Funny how they never mentioned this during the health care debates.
But wait, it gets better....