Obamacare will push the equivalent of about 2 million workers out of the labor market by 2017 as employees
decide either to work fewer hours or drop out altogether, according to the latest estimates Tuesday from the Congressional Budget Office.
That’s a major jump in the nonpartisan budget agency’s projections and it suggests the health care law’s incentives are driving businesses and people to choose government-sponsored benefits rather than work.
law’s incentives are driving businesses and people to choose government-sponsored benefits rather than work.
“CBO estimates that the ACA will reduce the total number of hours worked, on net, by about 1.5 to 2 percent during the period from 2017 to 2024, almost entirely because workers will choose to supply less labor — given the new taxes and other incentives they will face and the financial benefits some will receive,” CBO analysts wrote in their new economic outlook.
wrote in their new economic outlook.
The scorekeepers also said the rollout problems with the Affordable Care Act last year will mean only 6 million people sign up through the state-based exchanges, rather than the 7 million the CBO had originally projected.
last year will mean only 6 million people sign up through the state-based exchanges, rather than the 7 million the CBO had originally projected.
But over the long run, Obamacare will eventually catch up and by 2020 only about 30 million people will be without insurance coverage — down from 45 million this year. That will mean about 92 percent of legal U.S. residents without guaranteed access to Medicare will have insurance coverage.
— down from 45 million this year. That will mean about 92 percent of legal U.S. residents without guaranteed access to Medicare will have insurance coverage.Via: Washington Times
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