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.
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.
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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