Saturday, February 8, 2014

Paul Ryan: Obamacare is a 'Poverty Trap'

House Republicans argued Wednesday that a new Congressional Budget Office report shows the healthcare law is making the "poverty trap" worse, while Democrats countered that the GOP is completely misreading the CBO's findings. 
The two parties sparred at a House Budget Committee hearing the day after the CBO found that over the next decade, ObamaCare will lower full-time employment by the equivalent of 2.5 million workers.
The CBO report said more workers — particularly those with low incomes — will choose to reduce their hours or leave their jobs because they now have health insurance, and that this reduction in the labor supply will lower economic growth, shrink the tax base and raise the deficit. 
Republicans seeking to make healthcare the centerpiece of their 2014 midterm strategy seized on the findings.
House Budget Committee Chairman Paul Ryan said the report meant that "Washington is making the poverty trap that much worse" by creating disincentives for people to enter the workforce and escape poverty. 
“The effect will be severe — as if 2.5 million people had stopped working full time by 2024,” Ryan (R-Wis.) said. 
By choosing to stay at home or cut back their hours, low-income workers will not get on the "ladder" to economic success and will be stuck in a cycle of poverty, argued Ryan.
Read the rest of the story HERE and listen to Ryan's comments below:

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