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Old 02-04-2014, 06:30 PM   #1
bimmerfan08
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Obamacare to cut work hours by equivalent of 2 million jobs: CBO

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(Reuters) - President Barack Obama's healthcare law will reduce American workforce participation by the equivalent of 2 million full-time jobs in 2017, the Congressional Budget Office said on Tuesday, prompting Republicans to paint the law as bad medicine for the U.S. economy.

In its latest U.S. fiscal outlook, the nonpartisan CBO said the health law would lead some workers, particularly those with lower incomes, to limit their hours to avoid losing federal subsidies that Obamacare provides to help pay for health insurance and other healthcare costs.

The biggest impact would begin in 2017, CBO said, because major provisions of the law will be well under way by then. The CBO said there would be smaller declines in work hours that would occur before then.

Work hours would be reduced by the equivalent of 2.5 million jobs in 2024, said the agency, which earlier predicted 800,000 fewer fulltime jobs by 2021. The bottom line would be a slower rate of growth for employment and compensation in the coming decade, according to the report.

The link that the CBO drew between the health law and slower employment growth is likely to become fodder for partisan attacks in this year's congressional election battle, which will determine who controls Congress in the final years of the Obama presidency. Obamacare is unpopular with many voters and its botched October rollout was accompanied by a public outcry by millions of people who saw their health plans cancelled as a result of its implementation.

Republicans, who have already made Obama's Patient Protection and Affordable Care Act (ACA) a top campaign issue for November, seized on the CBO report to press their argument that Obamacare is putting a damper on jobs growth and the economy.

"The president's healthcare law creates uncertainty for small businesses, hurts take-home pay, and makes it harder to invest in new workers. The middle class is getting squeezed in this economy, and this CBO report confirms that Obamacare is making it worse," House of Representatives Speaker John Boehner said in a statement.

But the White House pushed back on the argument that Obama's signature domestic policy achievement would mean an actual reduction in jobs.

"It's not that the businesses are cutting those jobs," said Jason Furman, who chairs the White House Council of Economic Advisers. He said the CBO report showed an impact on labor supply rather than demand for workers from employers.

The CBO report offered some bright spots on the broader fiscal front, saying the U.S. budget deficit would be a smaller than expected $514 billion in the fiscal 2014 year ended September 30. That is down from a previous estimate of $560 billion and a fiscal 2013 deficit of $680 billion.

But it said sluggish economic growth and stubbornly high unemployment would cause the improvement to be short-lived.

The CBO also said Obamacare would enroll 1 million fewer uninsured Americans than initially expected as a result of technical glitches that largely paralyzed the federal website HealthCare.gov in the first two months of open enrollment.

In a fresh forecast for 2014, the CBO estimated that 6 million people would sign up for private coverage through new health insurance marketplaces, down from an earlier forecast of 7 million. But the report predicted that the program would eventually overcome the deficit, signing up 24 million people by 2017.

The Obama administration says the health insurance marketplaces now operating in all 50 states and the District of Columbia have enrolled about 3 million people in private coverage so far, with volumes increasing following major fixes to HealthCare.gov.

Despite claims from Obamacare critics about the law's potential effects on hiring, CBO said the expected drop in work hours between 2017 and 2024 would result largely from worker decisions not to participate in the labor force, rather than from higher unemployment or the inability of part-time workers to find full-time hours.

"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 businesses' demand for labor," CBO said.

According to the report, federal subsidies can be substantial, particularly for lower-wage workers who receive more under the law's sliding income scale. But that also means the benefits can be phased out as a worker's income rises.

"The phaseout effectively raises people's marginal tax rates (the tax rates applying to their last dollar of income), thus discouraging work," CBO said.
http://www.reuters.com/article/2014/...A131B120140204
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Old 02-04-2014, 06:33 PM   #2
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Lol I'm looking at msnbc while on the treadmill and they are reporting the same except wording it as "increase in jobs not as strong compared to no aca"

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Old 02-04-2014, 07:33 PM   #3
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the law won't reduce anyone's hours. Companies employing those people will reduce their hours.
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Old 02-04-2014, 07:34 PM   #4
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Old 02-04-2014, 07:43 PM   #5
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Old 02-04-2014, 07:44 PM   #6
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Despite claims from Obamacare critics about the law's potential effects on hiring, CBO said the expected drop in work hours between 2017 and 2024 would result largely from worker decisions not to participate in the labor force, rather than from higher unemployment or the inability of part-time workers to find full-time hours.

"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 businesses' demand for labor," CBO said.

According to the report, federal subsidies can be substantial, particularly for lower-wage workers who receive more under the law's sliding income scale. But that also means the benefits can be phased out as a worker's income rises.

"The phaseout effectively raises people's marginal tax rates (the tax rates applying to their last dollar of income), thus discouraging work," CBO said.
Hmmmmm. . .
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Old 02-04-2014, 08:44 PM   #7
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But, but, but, those evil capitalist pig corporations just car about profit$$$$$444$, and not about people. We all know that business exists to provide people with jobs and health care. Profit is bad.

/smh
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Old 02-04-2014, 09:47 PM   #8
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But, but, but, those evil capitalist pig corporations just car about profit$$$$$444$, and not about people. We all know that business exists to provide people with jobs and health care. Profit is bad.

/smh
Has anyone claimed profit is bad? That argument seems to be the biggest straw man.
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Old 02-04-2014, 10:06 PM   #9
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Has anyone claimed profit is bad? That argument seems to be the biggest straw man.
yet the left clings to it
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Old 02-04-2014, 10:07 PM   #10
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yet the left clings to it
Not entirely. Perhaps through misrepresentation or misunderstanding.
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Old 02-04-2014, 10:31 PM   #11
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I believe nothing will change anyone's mind about obamacare.

I think they should put time limits on the aca subsidies. Just like I think welfare should be limited in time.
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Old 02-04-2014, 11:09 PM   #12
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When you limit your profit, you limit your taxes... Therefore, no profit makes businesses happy. This is not a new concept.


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Old 02-05-2014, 08:04 AM   #13
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These are people who are voluntarily exiting the workforce? What's the problem? Aren't there a bunch of people who want to work?
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Old 02-05-2014, 08:55 AM   #14
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These are people who are voluntarily exiting the workforce? What's the problem? Aren't there a bunch of people who want to work?
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In its latest U.S. fiscal outlook, the nonpartisan CBO said the health law would lead some workers, particularly those with lower incomes, to limit their hours to avoid losing federal subsidies that Obamacare provides to help pay for health insurance and other healthcare costs.
This is the crux of the issue, for me. Yes, they are voluntarily leaving the workforce so that they don't lose their public benefits. I see this as similar to the taxpayers subsidizing companies minimum wage workers.
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Old 02-05-2014, 09:07 AM   #15
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The budget gnomes at CBO couldn't forecast their way out of a paper bag. CBO forecasts are rarely accurate, especially when their work can be deliberately gamed by politicians who legislate the rules the CBO has to abide by in their analysis. It might be a "non-partisan" organization, but it still nothing more than a creature created by and for Congress. All it does is produce the cudgels by which one party's politicians attack the other party.
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Old 02-05-2014, 09:10 AM   #16
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The budget gnomes at CBO couldn't forecast their way out of a paper bag. CBO forecasts are rarely accurate, especially when their work can be deliberately gamed by politicians who legislate the rules the CBO has to abide by in their analysis. It might be a "non-partisan" organization, but it still nothing more than a creature created by and for Congress. All it does is produce the cudgels by which one party's politicians attack the other party.
That's also a very good point. The same politicians/party fan boys who will celebrate the article referenced above are the same ones who said the CBO is garbage when it came to estimating the cost of the ACA.
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Old 02-05-2014, 09:18 AM   #17
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The budget gnomes at CBO couldn't forecast their way out of a paper bag. CBO forecasts are rarely accurate, especially when their work can be deliberately gamed by politicians who legislate the rules the CBO has to abide by in their analysis. It might be a "non-partisan" organization, but it still nothing more than a creature created by and for Congress. All it does is produce the cudgels by which one party's politicians attack the other party.
That's actually pretty funny and it reminds me of a Mitch Hedberg bit. He said that "I find a duck's opinion on me is very much influenced by whether or not I have bread."

I find myself falling for that same trap with the CBO whenever they come out with numbers I like or dislike.
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Old 02-05-2014, 12:01 PM   #18
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the law won't reduce anyone's hours. Companies employing those people will reduce their hours.
The ACA makes it attractive for employees to cut their own hours, or in some cases, not work at all.
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Old 02-05-2014, 12:04 PM   #19
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I believe nothing will change anyone's mind about obamacare.

I think they should put time limits on the aca subsidies. Just like I think welfare should be limited in time.
The insurance companies LOVE LOVE LOVE Obamacare, because Obummer promised to back them (financially) and bail them out if necessary. As a result, the insurance companies don't care about people signing up, they just care about fleecing the people they currently have. Sooner or later, when it all implodes, the government with bail them out. You thought the housing bubble was bad? Just wait for this one to burst. Remove the government bailout promise, and see how fast insurance companies dump Obamacare. I wonder why more people aren't suspicious when insurance companies are loving Obamacare....should clue them in that something is seriously wrong.
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Old 02-05-2014, 12:06 PM   #20
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These are people who are voluntarily exiting the workforce? What's the problem? Aren't there a bunch of people who want to work?
Not when it's not worth it. The ACA makes it more attractive to NOT work for some.
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