This is mostly fertilizer and road apples. The truth is that an estimated 2.3 million people will decide, “Hey! My health care is so affordable now that I wont need to work a second job or extra hours in order to afford it!” The “jobs” will still be there.
This is good news, as it makes an expected 2.3 million jobs available to the millions of people still looking for work as a result of the most understated depression in American history, the ‘economic downturn’.
The CBO (Congressional Budget Office) said that by 2017, there would be about 2 million fewer workers than there would be if Obamacare didn’t exist, and that number would be up around 2.5 million by 2024.
Doom-and-Gloom Boehner misrepresented the facts in his tweet when he used the wored ‘destroy’. However, we understand just how difficult it is to find another word that works when you only have 140 characters to work with.
“CBO says 2.3 million people won’t have to work so hard because of ACA. THANKS OBAMA!” That is a mere 85 characters.
Gary Burtless, an economist at the Brookings Institution, said, “Workers who now have access to less expensive health insurance through Medicaid or with refundable federal tax credits that help them pay for premiums will not want to work such long hours after the ACA becomes fully implemented.”
“The key problem here is that claims by Boehner — and other critics — overlook the difference between workers and jobs, and Boehner was misleading when he used the word “destroyed.” He made it sound as if jobs are going away because businesses don’t create them or because they eliminate existing jobs. The CBO report, though, was referring to workers who decide on their own to leave the workforce.
“The CBO figured that, when presented with new options for purchasing health insurance outside their job, millions of people would decide they don’t need to work as much.
The CBO estimated that Obamacare would “reduce the total number of hours worked, on net, by about 1.5 percent to 2.0 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.” This would equal a “decline in the number of full-time-equivalent workers of about 2.0 million in 2017, rising to about 2.5 million in 2024,” the report continued.”
“Another key point: The CBO did not specify how many of the 2 million figure would include full-time positions, as compared to cases of an employee keeping their job but working fewer hours, or keeping one job while quitting a separate, part-time job.
[box type=”shadow”]”In some ways, a drop in the number of people who feel the need to work actually could be a boon to the unemployed. As we’ve noted, there are about three job seekers for every job vacancy in today’s economy — a high ratio by historical standards. Some of these people could pick up the slack once vacancies open up — and they should be able to, since CBO said it didn’t expect a major change in companies’ demand for workers. In essence, you’d be trading workers unhappy to be working for those who are desperate to be working.”[/box]