Tuesday, February 4, 2014

Obamacare


CBO nearly triples estimate of working hours lost by 2021 due to Affordable Care Act


A historically high number of people will be locked out of the workforce by 2021, according to a report by the Congressional Budget Office released Tuesday.
President Barack Obama's signature healthcare law will contribute to this phenomenon, CBO said, citing new estimates that the Affordable Care Act will cause a larger than-expected reduction in working hours - eliminating the equivalent of about 2.3 million workers in 2021 versus a previous estimate of an 800,000 decline.
"CBO estimates that the ACA will reduce the total number of hours worked, on net, by about 1.5 to 2 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," said the report.

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