WASHINGTON — The Congressional Budget Office (CBO) found that the Affordable Care Act, known by many as ObamaCare, could cost up to 2.5 million jobs for Americans in the near future.
The Hill’s Erik Wasson reported the CBO found at least 2.5 million workers will be out of work by 2024 and the nonpartisan agency said workers will choose to work less because of the controversial health care law. Wasson wrote:
It instead found that the healthcare law will create disincentives for people to work and that this in turn will cut into the labor supply, hurt the economy, lower tax collection and cause higher deficits.
Some people will leave the workforce or reduce their hours in response to lower wages because of the healthcare law, while others will leave or reduce their hours because they have insurance coverage and do not need to work full time to keep it, the CBO said.
The White House said that the health care law has helped add 8 million jobs to the private sector since being passed, and that ObamaCare had cut the deficit by $1 trillion. Also, the press statement said:
What the CBO report does find is one key immediate effect of the Affordable Care Act is to “induce some employers to hire more workers or to increase the hours of current employees” during the 2014-16 period. Over the longer run, CBO finds that because of this law, individuals will be empowered to make choices about their own lives and livelihoods, like retiring on time rather than working into their elderly years or choosing to spend more time with their families. At the beginning of this year, we noted that as part of this new day in health care, Americans would no longer be trapped in a job just to provide coverage for their families, and would have the opportunity to pursue their dreams. This CBO report bears that out, and the Republican plan to repeal the ACA would strip those hard-working Americans of that opportunity.
The Los Angeles Times echoed the White House statement with an op-ed entitled, “Why the new CBO report on ObamaCare is good news“. In it, writer Michael Hiltzik said the report did the following:
— The ACA is cheaper than it expected.
— It will “markedly increase” the number of Americans with health insurance.
— The risk-adjustment provisions, which Congressional Republicans want to overturn as a “bailout” of the insurance industry, will actually turn a profit to the U.S. Treasury.
Predictably, the Washington Post’s Glenn Kessler defended the CBO report as a positive report on ObamaCare. He painted the picture that in order to keep ObamaCare’s subsidies, people would willingly choose to leave their jobs. He said the following:
Look at this way: If someone says they decided to leave their job for personal reasons, most people would not say they “lost” their jobs. They simply decided not to work.
Yet, none of these articles and op-eds discussed the millions of Americans that lost their health insurance coverage due to ObamaCare. The unpopularity of ObamaCare has led to Obama’s lowest job approval ratings in his presidency. Neither did they discuss how incumbent Democratic senators are afraid of being booted out of office come November, as voters could vote in these elections with ObamaCare and lost insurance coverage on their mind.