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Obamacare To Crush Workforce By 2.5 Million Workers In Next Decade, CBO Admits
When the "impartial" Congressional Budget Office first attempted to predict the impact on the US labor force as a result of the administration healthcare ponzi scheme, also known affectionately as Obamacare and less affectionately by other names, it estimated that 800,000 Americans would drop out of the labor force by 2021. Moments ago it just revised that projection, admitting that it was off by the usual 100% or so: the hit to the US labor force due to Obamacare is now estimated to soar to 2.3 million through 2021, and furthermore the CBO just admitted that the enrollment rate will be dramatically below the White House's baseline estimates, with 2 million fewer people signing up this year than previously estimated.
In brief, as the CBO admits (before it is forced to adversely reduce the numbers once more) the law will lead to 2 million fewer workers in 2017, 2.3 million in 2021 and 2.5 million through 2024. This represents a 1.5% to 2.0% reduction in the numbers of hours worked. As the WSJ recalls, CBO last year projected 7 million people would enroll for health insurance through health care exchanges in 2014, but Tuesday it said technical problems that plagued the program's rollout forced it to lower its estimate by 1 million people.
"Those changes primarily reflect the significant technical problems that have been encountered in the initial phases of implementing the [law]," the CBO said. It said it couldn't yet revise estimates for future years. CBO also projected 8 million new people would qualify for Medicaid and other expanded coverage this year, down from a 2013 estimate of 9 million people.
The health care law's open enrollment process began in October and runs through March, and CBO estimated "the number of [people who sign up [for coverage] will increase sharply toward the end of the period." Or not.
And here it is straight from the horse's mouth:
The ACA’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. CBO estimates that the ACA will reduce the total number of hours worked, on net, by about 1.5 percent to 2.0 percent during the period from 2017 to 2024, almost entirely because workers will choose to supply less labor—given the new taxes and other incentives they will face and the financial benefits some will receive.
What does that mean?It means this: "reduced incentives to work attributable to the Affordable Care Act (ACA)—with most of the impact arising from new subsidies for health insurance purchased through exchanges—will have a larger negative effect on participation toward the end of that period." Just don't call it a welfare program.
The above in numbers:
The reduction in CBO’s projections of hours worked represents a decline in the number of full-time-equivalent workers of about 2.0 million in 2017, rising to about 2.5 million in 2024. 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 number of people who will receive exchange subsidies—and who thus will face an implicit tax from the phaseout of those subsidies that discourages them from working—will be smaller initially than it will be in later years. The number of enrollees (workers and their dependents) purchasing their own coverage through the exchanges is projected to rise from about 6 million in 2014 to about 25 million in 2017 and later years, and most of those enrollees will receive subsidies. Although the number of people who will be eligible for exchange subsidies is similar from year to year, workers who are eligible but do not enroll may either be unaware of their eligibility or be unaffected by it and thus are unlikely to change their supply of labor in response to the availability of those subsidies.
The CBO's mea culpa:
CBO’s estimate that the ACA will reduce aggregate labor compensation in the economy by about 1 percent over the 2017–2024 period—compared with what would have occurred in the absence of the act—is substantially larger than the estimate the agency issued in August 2010. At that time, CBO estimated that, once it was fully implemented, the ACA would reduce the use of labor by about one-half of a percent. That measure of labor use was calculated in dollar terms, representing the change in aggregate labor compensation that would result. Thus it can be compared with the reduction in aggregate compensation that CBO now estimates to result from the act (rather than with the projected decline in the number of hours worked).
CBO’s updated estimate of the decrease in hours worked translates to a reduction in full-time-equivalent employment of about 2.0 million in 2017, rising to about 2.5 million in 2024, compared with what would have occurred in the absence of the ACA. Previously, the agency estimated that if the ACA did not affect the average number of hours worked per employed person, it would reduce household employment in 2021 by about 800,000.25 By way of comparison, CBO’s current estimate for 2021 is a reduction in full-time-equivalent employment of about 2.3 million.
If you like your horrible 2010 forecast, you can keep your horrible 2010 forecast.
As for the most recent one, which too will be the source of comedy in one year's time, here it is (link).
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And when the CBO says "next decade" they mean the next 2 years.
This is most likely 5 times what they are admitting.
Won't matter anyways, as the US won't make it another decade.
"You get some crats and I'll get some pols and we'll go down to the gallows."
Funny, I've told some friends "I don't see the US surviving as a country. We're going to break up." It was, of course, met with the Nope! Can't Happen! Now they're starting to change their minds. Too many bullshit requirements to chase too few opportunities will do that.
Yup. People just cannot imagine it. Some now are beginning to, but not enough.
Two main schisms will develop: 1)The people will realize how poor and un-free they really are and will push back against the tyrannical and criminal state, at all levels, but especially against DC.
2) When the cash flow, nominal and real, to the states slows or even dries up, the states will begin to go their own way.
"Blood of tyrants is Liberty's milk. Got milk?!"
the president will make it mandatory that everyone smokes weed to stay happy
@kchris
You made me laugh really hard with that one, thanks!
From each according to his ability, to each according to his need.
to each according to her need. Fixed it for you.
Not to worry. The LA Times says the CBO report is good news.
No, I'm not going to read the story. The headline is sufficient.
Barry & co. will just blame the CBO as being racist.
It has gotten that absurd folks.
Well, at least now we know it isn't because of anything else. Next
We all know the CBO numbers are garbage. So what's the real number? 5 million? 10 million?
Hey! No worries! The arrogant, narcicisstic, lying, illegal alien kenyan muslim and the wookie as well as the ruling elite have all exempted themselves from this and with their cushy lifetime pensions, they can all continue to live their grand imperial lifestyles. The sheeple have voted and that's what they want! So what if the tax paying peasants and serfs suck hind tiddy..... Don't worry, be happy!
Double that or maybe just go ahead and quadruple that number. More factors other than just Oh-Fuck-You-Who-Cares can also be counted on to further destroy America's job market. But O-F-Y-W-C's is definitely one of the major catalysts.
Other than that, you can thank the NWO and Agenda 21 doing all it can to deindustrialize the U.S. further and strangle the fuck out of manufacturing. Plus WHEN these treasonous fuck-tards in D.C. grant amnesty to 30+ Billion illegals and everyone else who wants to wander into the U.S. to mooch off what's left of the rotting carcus, well that will further devastate things.
And hey, don't fucking forget the fucking Federal Fuck You Reserve printing the dollar into oblivion, proudly since 1913.
How are companies going to be able to keep up with the massive devaluation of the dollar? Ya can't expand and purchase new assets, supplies, pay for energy, and oh yeah, hire people, etc. etc. when it's going to take Trillions more dollars to pay for shit. And nobody is going to want our worthless, backed by air and empty promises, dollars around the world after the dollar is wiped out and a new reserve currency is created which most likely will be backed in some way by gold...Chinese gold, it would seem.
And with what's going to be left of the service sector, which is pretty much all we have, I can see a whole lot of that area being mechanized/robotized further which will create even less need for those who might actually want a job.
Where does the U.S. go from there? Looks like it's gonna get outta control to me...Game over soon. Tick-tock...
Keep stackin' that Ag, Au, Pb, and Cu, bitchez! And don't forget the Pb delivery systems along with a lot of food storage.
Just sayin'...
Obamacare: the gift that keeps on giving. Or maybe "the theft that keeps on stealing" would be more appropriate.
People in prison don't count as unemployed. All we need to do is declare war on pot smokers and put millions of Americans in jail. That'll fix the unemployment numbers.
I thought that had already happened...
Also, don't forget imprisoning the kiddies as well. Feed the private prison industry beast and shrink the future workforce numbers. http://en.wikipedia.org/wiki/Kids_for_cash_scandal
Geez, ever since I turned 60 in December, Fred Thompson has been stalking me. It's really creepy the way he slides into those ads that keep popping up. I know he wants my house, but BofA still claims it's theirs.
He is weirding me out, though. More prozac, please.
http://www.nationalreview.com/corner/370021/employees-react-obamacare-veronique-de-rugy
This is real, take it for what it is worth.
Arriving at your place of employment sometime in 2014.
sschu