Bombshell: CBO’s Impact of Obamacare On Economy Devastating — Time To Repeal Obamacare and Replace It Affordable, Portable, Individual Health Insurance With Health Saving Accounts! — Videos

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Bombshell: CBO’s Impact of Obamacare On Economy Devastating — Time To Repeal Obamacare and Replace It Affordable, Portable, Individual Health Insurance With Health Saving Accounts! — Videos

job_impactobamacare_impact

Analysis of CBO report on ObamaCare impact

CBO On Obamacare’s Impact 2.5 Million Fewer Full Time Workers Cavuto

CBO: Obamacare Will Reduce Jobs By 2.3 Million Workers – Stuart Varney On The Real Story

CBO Predicts Obamacare Will Reduce The Number Of Full Time Workers Brit Hume The Kelly File

ObamaCare Forcing Companies To Reduce Hours And Not Hire Full-Time Workers

Obamacare Will Cost 2,3 Million Full Time Jobs Obama Admin Says People Don’t Want To Work

Conservatives Push Misreading Of CBO Report To Claim Obamacare Is A Job-Killer

White House Pushing Back Against CBO Report On Obamacare Job Losses – America’s Newsroom

CBO: Actually, ObamaCare is kinda’ like a tax, and it’s going to result in 2 million…

Health Savings Account Breakdown

Health Savings Accounts

Deductibles and Coinsurances

Health Savings Account Safety Net

The CBO’s Obamacare Scorecard

Obamacare by the numbers, according to the Congressional Budget Office — labor lost: equivalent of 2.5 million full-time jobs over the next decade; insurance enrollment: down 1 million from earlier first-year estimate; cost: $1.2 trillion over the next decade; number of Americans uninsured: 30 million.

Which is to say: We are spending $1.2 trillion and taking a blowtorch to the work force in order to fund a semi-public insurance system that still leaves tens of millions uncovered. And that’s assuming that CBO has not taken too rosy a view of Obamacare, which it may well have.

There is more wrong with Obamacare than a bumble-thumbed website.

The White House has tried, with hilarious results, to spin the labor-force data, emphasizing the CBO’s estimate that the so-called Affordable Care Act will cost the economy the equivalent of 2.5 million full-time jobs not because there will be a pink-slip bloodbath at Walmart but because fewer people will choose to work, or will choose to work fewer hours, once their federally subsidized health insurance makes the prospect of quitting their jobs less enticing. In the considered view of the Obama administration, that is good news. We are happy to see that the White House seems finally to have stumbled upon the concept of economic incentives — give people less reason to work and they will work less. But the administration still does not seem to be able to get its collective head around the fact that American workers are not just hungry mouths that have to be filled with paychecks: They are people who provide economically valuable goods and services. Those 2.5 million out of the work force may be happier at their leisure, but the economy as a whole will be substantially worse off without their contributions. We could, in theory, simply have the federal government deliver checks to every household and allow each and every one to follow his bliss as he sees fit, but the shelves of the grocery stores soon would be empty. The depth of the Obamacare crater in the labor force isn’t some abstract unemployment rate, but the lost value of the work those Americans would have done.

The spending largely speaks for itself: $1.2 trillion is a great deal of money. The CBO still holds out the possibility that the expenses associated with the program may yet outweigh the cost of its benefits, meaning merely that that $1.2 trillion in spending will be accompanied by approximately $1.2 trillion in taxes, or slightly more. “Revenue-neutral” is not a synonym for “free.” We are still to spend $1.2 trillion, regardless of the combined ledger impact on our bloated deficit.

Spending $1.2 trillion on what? That is the most galling bit. Obamacare was sold as a response to the alleged emergency presented by 40-odd million Americans’ lacking insurance. That number was hotly disputed at the time, but even if we were to take it at face value, getting the figure down to 30 million at a cost of more than $1 trillion is hardly a bargain.

We are familiar with the phrase “money for nothing,” but had always understood it to denote a positive cash flow rather than a negative one.

We already have begun to experience the effects of Obamacare as they relate to health insurance specifically: canceled policies, chaos in the insurance markets, insecurity for consumers. But the more significant cost may in the long run prove to be its structural hobbling of our economy, reducing the work force and redirecting trillions of dollars away from the productive economy into a system of rewards and subsidies for cronies and political constituencies. The CBO’s increasingly bleak economic forecasts suggest that it has begun to take the measure of the long-term costs of the Obama administration’s economic misgovernance, of which Obamacare is one, but only one, significant part. But detailed as those estimates are, they can only begin to suggest the damage.

http://www.nationalreview.com/article/370367/cbos-obamacare-scorecard-editors

What the CBO report on Obamacare really found

  • BY GREG SARGENT

Republicans erupted in applause today when the Congressional Budget Office released a new report on projected deficits and on the impact of the Affordable Care Act. They widely claimed the CBO report had found that Obamacare will cause the loss of over two million jobs.

That isn’t what the report found at all. And there’s a very simple way to prove it. But more on that in a moment.

Here is a sample of GOP reactions to the report. Mitch McConnell’s spokesman claimedthat CBO had projected “a loss of at least two million jobs.” A spokesman for the NRCCinsisted that “because of Obamacare, there will be 2 million less [sic] jobs in the economy.”

A statement from Senator Chuck Grassley claimed that the CBO had found that the law will “cause the loss of 2.5 million jobs.” Former Romney policy adviser Lanhee Chenclaimed the CBO had estimated that Obamacare “will result in 2.5 million jobs lost.”

That’s not what the report says. Here is the key passage, on page 117:

Although CBO projects that total employment (and compensation) will increase over the coming decade, 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; however, CBO has not tried to quantify those two components of the overall effect. 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, so it will appear almost entirely as a reduction in labor force participation and in hours worked relative to what have occurred otherwise rather than as an increase in unemployment (that is, more workers seeking, but not finding jobs) or underemployment (such as part-time workers who would prefer to work more hours per week).

The CBO report actually says that the impact of the ACA will be “almost entirely” due to a decline in labor that “workers choose to supply.” It says explicitly that the ACA’s impact will not be felt as an “increase in unemployment” or “underemployment.”

Now, a few conservatives on twitter did seize on the report to make an argument about how the CBO report shows that the safety net act as a disincentive to work. Whether or not you agree with that argument, it at least exists within the parameters of what the CBO report actually said. The suggestion that Obamacare will cause over two million jobs to be lost does not. This is not a small distinction. It goes directly to the heart of one of the Republican arguments against the law — that it is a job killer, i.e., that its regulations strangle jobs.

Indeed, the response from many Republicans to the report suggests they are so wedded to their “Obamacare is a job killer” talking point that they will misrepresent what it actually says in order to continue making it. That’s not surprising, in a way. After all, the larger political context here is that claiming the safety net is a disincentive to work — again, whatever you think of the substance of that argument — is politically a hard case to make. Remember how Republicans moved away from arguing that unemployment benefits lull people into a state of dependency — Paul Ryan’s Hammock Theory of Poverty — and began arguing instead that the UI extension needed to be paid for?

As for the CBO report, there is a simple way to settle this argument. CBO director Douglas Elmendorf is set to testify before the House Budget Committee tomorrow. One committee lawmaker can ask him the following question: Is it true that your report found that Obamacare will result in over two million lost jobs?

And so, this doesn’t have to be a partisan argument. Tomorrow we can find out what the CBO’s own director has to say about it. There shouldn’t be any need for this to be represented by neutral news orgs as an unresolvable he-said-she-said standoff.

http://www.washingtonpost.com/blogs/plum-line/wp/2014/02/04/what-the-cbo-report-on-obamacare-really-found/

Related Posts On Pronk Pops

The Pronk Pops Show 206, February 7, 2014, Story 2: The Economy Still Stagnating As The 10 Million Plus Jobs Gap Widens — Videos


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