ObamaCare could lead to loss of nearly 2.3 million US jobs

The long-term effect of ObamaCare on the U.S. economy was rewritten Tuesday with the Congressional Budget Office issuing a revised projection that nearly 2.5 million workers could opt out of full-time jobs over the next 10 years — allowing employers to wipe 2.3 million full-time jobs off the books. Budget experts say that because ObamaCare offers an insurance alternative to employer provided coverage, many Americans who hold full-time jobs may decide to work part-time — or not at all — and get their coverage from the exchanges. Following the release of the report, House Speaker John Boehner said the report showed how “the middle class is getting squeezed in this economy.” The report drew immediate reaction from GOP lawmakers, including House Speaker John Boehner who said the report indicates ObamaCare is only making it harder for middle-class Americans to survive in the bad economy. Others, like Rep. Paul Ryan, R-Wisc., weighed in. “ObamaCare is only making things worse,” Ryan said in a written statement. “This costly law is not only pushing government spending to new heights, it is disrupting coverage and leaving millions of Americans worse off.” The budget office says jobs will also be lost because employers may choose to hire less full-time workers or reduce the hours of their staff. In 2010, the CBO projected ObamaCare would lead to about 650,000 fewer jobs. Tuesday’s new 2.3 million estimate is significantly higher. The report states ObamaCare will also lead to a reduction of the net number of total hours worked by as much as 2 percent in the period from 2017 to 2024. It states that “lower-wage workers” will see the biggest reduction in the number of hours worked.

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