ObamaCare will force a reduction in American work hours — the equivalent of 2 million jobs over the next decade, Congress’s nonpartisan scorekeeper said Monday.
The total workforce will shrink by just under 1 percent as a result of changes in worker participation because of the new coverage expansions, mandates and changes in tax rates, according to a 22-page report released by the Congressional Budget Office (CBO).
“Some people would choose to work fewer hours; others would leave the labor force entirely or remain unemployed for longer than they otherwise would,” the agency said in its latest analysis of the now five-year-old law.
The CBO is not predicting that employers will fire millions of workers or reduce hours because of the law, but that the law changes incentives over the years for the workers themselves both in part-time and full-time positions.
That could mean that older Americans who wish to retire but have remained in the workforce solely for employer health benefits could opt to leave their jobs.
Republicans were quick to seize on the report, which provides an update through 2025.
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“When the President’s health law hurts the labor force at the same time it increases healthcare premiums and taxes, it’s clear the law is not working for the American people,” said Senate Finance Committee Chairman Orrin Hatch (R-Utah.).
“The CBO’s latest report confirms yet another broken promise and negative consequence stemming from Obamacare.”Read the rest of the story HERE.
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