WASHINGTON – A report from the Congressional Budget Office (CBO) predicts fewer people will be working and up to $1 trillion in new deficits due to the Affordable Care Act (ACA).
The CBO is a non-partisan agency created in 1974 to provide economic data to Congress.
In Iowa, Republicans took particular glee in the mostly bad news for President Barack Obama’s health care plan for Americans, writing via social media: “LIKE and SHARE! The Congressional Budget Office announced the following ObamaCare news today: $1 trillion increase in projected deficits, 2.5 million fewer workers due to ObamaCare and 1 million fewer ObamaCare sign-ups than projected. Can’t wait for the White House’s spin.”
According to the report, compensation will increase over the coming decade, but that increase will be smaller than it would have been in the absence of the ACA. The decline in full-time-equivalent employment stemming from the ACA will consist of some people not being employed at all and other people working fewer hours. The estimated reduction stems almost entirely from a net decline in the amount of labor that workers choose to supply, rather than from a net drop in business’ demand for labor.
In other words, as health insurance coverage expands, more people will choose not to work and others will work fewer hours. The report said the fewer hours worked would be the equivalent of 2.5 million fewer full-time positions by the year 2024.
On the bright side for Democrats, according to the report, the expansion of health insurance makes it less-necessary for a person to work full-time in order to have adequate health insurance and the premium subsidies bolster household income since premiums tend to be lower.
The CBO report also finds that the deficit will continue to decline in the near term, falling by another $200 billion in the next two years, falling to 2.6 percent of GDP. Since the Affordable Care Act has passed, the private sector has added 8.1 million jobs, which is the fastest pace of private sector job growth since the late 1990s. Read more of the White House’s defense of the report, here.
Kellogg’s is a very large company that takes 20 percent right off the top of its profits. It goes to schools and the blind foundations. If you work for this company fo 25 years you are never destitute. The company takes care of you no matter if its your fault or not. The problem I have with the Corperate greed is these corporations need tax and utility breaks to make it. Some CEOs make outrageous amounts.they also have the pressure of being responsible for families, employes and stock holders. What pisses me off no one says anything about an actor who can make as much in one movie than a CEO makes in a year. An athlete for half a season or one album for a musician. The point is why is this not looked at as greed. These people are responsible for a few, maybe even just one.
This is exactly what our dictator president and the spend o crat party want. Vote for us and you can leech off the working all your lives. Just another blow to the responsible working class.
Working for wages is for suckers.
How can a President who says he loves this country do everything in his power to take it down? If the working people have to pay the bills, less working people is NOT the answer. How can this be so hard to understand? At this next election, some serious changes need to be made. All the free stuff is going to quit when no one can be taxed further. Obama’s only in there because of all the free stuff. Soon the s*** Is going to hit the fan. JMHO. Any tax payers out there have an answer?
Now isn’t this great, I thought that people worked so they could afford material things, not just health insurance. To me, health insurance is somewhat of a benefit from working. Now it sounds like health insurance is going to be so cheap, (paid for by the government) that people won’t have to work the standard 40 hour week. I guess that I can forget about that used car I wanted, and whats going to happen to the economy when I only work 30 hours and won’t be able to afford to buy the groceries I need to feed my family. It seems that the government is setting us up so we have to be dependent on them for everything. Those are some scary numbers that the CBO is putting out. Does anyone else think this, or am I just confused…