CBO reports a nightmare for America; Obamacare to cost US 2.5 million jobs

The newest numbers are staggering.

A decade of Democrat-engineered Obamacare will increase budget deficits by $1 trillion and cost the economy the equivalent of 2.5 million jobs, the Congressional Budget Office reported Tuesday.

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Photo: Politico

According to The Hill, the new estimated job loss thanks to President Obama’s “signature” achievement is three times higher than the CBO’s previous estimate of 800,000 jobs lost.

That should be sobering news for Democrat mouthpieces like Rep. Debbie Wasserman Schultz, D-Fla., who as chairwoman of the Democratic National Committee keeps repeating that Obamacare is something Democrats will be bragging about come November.

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The higher number is a combination of employers offering few working hours – to avoid expense of providing the health insurance required for all employees who work more than 30 hours a week, and people choosing not to work because the benefits from the government outweigh what they could get from working, according to The Hill.

“All our analysis led us to conclude the effects of [Obamacare] on labor force participation would be a good deal larger than we had though originally,” CBO Director Doug Elmendorf said, according to The Hill.

“Fundamentally, the Affordable Care Act provides subsidies to lower income people and those subsidies phase out … that will have some effects on discouraging labor supply.”

In other words, as Newsmax puts it, “the 2010 Affordable Care Act is driving businesses and people to choose government-sponsored benefits rather than work.”

Most of those work hours lost will be of the low-wage, low-skilled variety held by just the people Democrats claim to care so much about. According to the Washington Post “low-wage workers are the most likely to drop out of the workforce as a result of the law,” meaning they’re not going to have any prospects of moving up in income.

In a statement, U.S. Rep. Paul Ryan, chairman of the House Budget Committee, said the CBO report is the latest wakeup call for a country saddled with a Democrat dream that’s turning predictably nightmarish.

“This costly law is not only pushing government spending to new heights, it is disrupting coverage and leaving millions of Americans worse off. CBO says the law will push 2.3 million people out of the workforce and will insure far fewer people than previously expected,” he said.

“We can’t afford more of the same. Today’s report is an important reminder that the debt won’t take care of itself — we must take action.”

That action should start in November.

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Joe Saunders

Joe Saunders, a 25-year newspaper veteran, is a staff writer and editor for BizPac Review who lives in Tallahassee and covers capital and Florida politics. Email Joe at jpjsaunders@gmail.com.
About Joe Saunders

Joe Saunders, a 25-year newspaper veteran, is a staff writer and editor for BizPac Review who lives in Tallahassee and covers capital and Florida politics. Email Joe at jpjsaunders@gmail.com.

  • SusieQ

    Ah, the truth does hurt, how will this be explained or let me rephrase that, lied away. There’s not enough places for the democrats who have defended this bill to hide. It’s a darn shame this was not revealed before the interview between O’Rielly and Obama before Super Bowl Sunday. My, my, where do they go from here. If this monstrosity is not repealed there is untold economic damage that will happen to this nation.

  • Brandon Johns

    Don’t worry, the crazed left will still continue defending Obamascare.

  • Ted Strickland

    After 40 plus attempts to repeal it, it isn’t going to happen. The predictions can be wrong and with the rising economy and lessening deficit, they probably are. If you think November will cure this, think what will happen with Hillary and a Democratic House and Senate will do. Wait and see. You can always do what Nugent said he would do—leave the country if you can’t live here. Lots waiting. Probably a better match too.

    • SusieQ

      There will not be a demo house and senate the writing is on the wall. As far a the lessing deficit there are so many where with alls concerning that I would rather focus on the rising debt which is projected to rise 87% by the end of Obama’s rule.

      • Ted Strickland

        Susie. You.ve missed the recent stats. The deficit is tracking down. Dont’ bet the house and kids on there not being a Democratic House and Senate. But, nonetheless, the President will still not face a two third Republican Senate, so they cannot override a veto anyway. The GOP set the track for these problems with their obstacles, now let them take the ride to the end of the line. Dumb as can be. It just keeps going on and on.

        • SusieQ

          You know Ted the only reason the deficit is down is because of the sequester which brought down spending if your ding-a -ling has his way the spending will skyrocket and your deficit will be right back up .. Another thing the deficit is down in spite of Obama not because of him, sorry, but keep dreaming can’t blame anyone for that.

          • Ted Strickland

            The President can look like a lame duck because he cannot run for another term anyway. Its going to be Hillary next. The deficit is dropping mainly because of the ending of the senseless wars that W got the country into without making provisions to pay for them. Thus, your huge deficits. Don’t you read the papers about what is going on economically and politically? There are still some questions unanswered about W and his groups incompetence and possible involvement in 911. Keep dreaming about the GOP Revolution. After the guy from NJ is gone, who you gonna call. You guys are on empty.

          • SusieQ

            Nope! OMG a conspiracy person, you still dwelling, Obama got you good .

          • Ted Strickland

            I guess that answers my question about your reading the papers. Enough said. We will see what happens. It I were you, though, I wouldn’t make any bets on the GOP. “simple is as simple does”. Seems to fit.

          • SusieQ

            You know what they say “don’t believe everything you read in the paper”I get info from many different sources. I can’t understand where you keep getting this deficit thing , Obama has spent out the wahoo, had not there been the sequester his spending would have soared up even more. As for simple, your explanation for the debt and deficit is way over simplified. If you like Hillary go for it , I frankly cannot see the younger generation voting for her, she and her rhetoric is old and worn out and she lies almost as much as our liar in chief. Hey, to each his own. Oh, you are right enough said. Done with this conversation I’m bored.

          • Ted Strickland

            Money and the budget has to be approved by the House of Representatives. Budget stats from the CBO show the deficit going DOWN. You can’t end credit card wars, repair the banking sector, and basically rebuild the country, all this under a GOP House that has no other aim than to run the GOP message. Basically, “screw the people”. Funniest thing about the GOP voters is that they actually vote against themselves. Magic.

  • Eric

    Where is ElsieR???

    • SusieQ

      She’s just running around the net right now she gets paid by the liar demerit. When she gets enough she wins a copy of the unhealthcare bill complete with hundreds of revisions.

  • Liberalism is Nonsense

    In a related story we find more background on the serious risks to your information on the ObamaCare website: http://www.cbsnews.com/news/high-security-risks-found-after-healthcaregov-launch/