ObamaCare’s Economic Destruction Exposed

Friday, February 14, 2014
By Paul Martin

February 14th, 2014

A new government study projects that Obamacare will kill 2 million full-time American jobs in 2017, confirming the approaching economic devastation about which the budget-busting program’s critics have warned for years.

The study came as Obama administration allies unveiled plans to saturate the airwaves with animal videos in a bid to dupe young women into signing up for the failing government program.

As the government report shows, contrary to the promises of President Obama, the Obamacare law will boot people out of their health care plans, encourage idleness, drive wages down, increase the government’s tax take, and fail to put a dent in the number of Americans without health insurance coverage.

In other words, it’s Wednesday at the White House.

The job destruction caused by Obamacare will climb to 2.5 million in 2024, according to ”The Budget and Outlook: 2014 to 2024,” a new publication of the Congressional Budget Office, the nonpartisan research arm of the U.S. Congress. “The decline in full time-equivalent employment stemming from the [Affordable Care Act] will consist of some people not being employed at all and other people working fewer hours…”

Both of those job loss figures are substantially higher than the comparatively modest estimate of 800,000 jobs lost that CBO provided in 2011.

The Affordable Care Act’s “largest impact on labor markets will probably occur after 2016, once its major provisions have taken full effect and overall economic output nears its maximum sustainable level,” says the new report.

Hours worked will fall by about 1.5 percent to 2.0 percent from 2017 to 2024 largely because some workers will opt to escape new taxes while others won’t need to work as much because they will receive subsidies from taxpayers. Lower-wage workers will be hit hardest. In the same seven-year period aggregate compensation (wages, salaries, and fringe benefits) will fall 1 percent compared to what it would have been otherwise, according to the report.

These trends “are likely to continue after 2024 (the end of the current 10-year budget window),” the report indicated.

But that’s just part of the misery President Obama’s signature legislative accomplishment will inflict on Americans in coming years.

Obamacare will cause paychecks to shrink.

The Rest…HERE

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