UPDATE: Obama Regime, scrambling to respond to this news that its health insurance destroying scheme is a job killer, says that’s not true. It’s an OPPORTUNITY to work fewer hours, spend more time with your kids, etc. Sure, those who choose to do that, or who are forced to do it because their employers cut their hours, will see their paychecks shrink, but the Obama administration says that’s just a “choice.” What is not a choice is the increases in insurance premiums and taxes the productive members of society will pay to subsidize these “choices.” And imagine how great it’s going to be to spend time with your kids in that cardboard box that you’re living in.
Ruh roh. The hits just keep on coming. Yesterday we told you that the WaPo had reported that, despite assurances from B. Hussein during his cringe-worthy Google+ hangout, which I watched so you don’t have to, the Obamacare website is NOT working properly. It cannot fix mistakes that people may have made when they signed up. Just ask Addie Wilson. So the latest is that, as it turns out, the proponents of Obamacare may have been a tad optimistic about the positive effect of this ridiculous, destructive scheme on the already-weak American economy. From The Hill:
The new healthcare law will slow economic growth over the next decade, costing the nation about 2.5 million jobs and contributing to a $1 trillion increase in projected deficits, the Congressional Budget Office (CBO) said in a report released Tuesday. The nonpartisan agency’s report found the healthcare law’s negative effects on the economy will be “substantially larger” than what it had previously anticipated. The findings from the nonpartisan agency immediately roiled the debate over the healthcare law on Capitol Hill ahead of a midterm election that Republicans hope will be dominated by the fight over ObamaCare It triggered a swift pushback from the White House, which sought to dismiss suggestions from Republicans that the healthcare law has contributed to a slower economic recovery. The CBO is now estimating the law will reduce labor force compensation by 1 percent from 2017-2024 — twice the reduction it previously had projected. This will decrease the number of full-time equivalent jobs in 2021 by 2.3 million, the CBO said. It had previously estimated the decrease would be 800,000. The budget scorekeeper said this decrease would be caused partly by people leaving the work force in response to lower wages offered by employers and increased insurance coverage through the healthcare law. The agency also said employer penalties in the law would decrease wages, and part-year workers would be slower to return to the work force because they would seek to retain ObamaCare insurance subsidies.
Hold on, Obamabots. This is the BIPARTISAN CBO. You guys love stuff that’s “bipartisan.” Gee, why is it when I read this story, with it’s “rest of the story” about Obamacare’s effect on the economy, that it reminds me of something. What could that be? It’s on the tip of my tongue. Oh yes, I know. The claim by proponents of amnesty for illegals that it boost economic growth, and reduce budget deficits. Note that the same CBO is now making that claim, just as they made the claims about Obamacare’s impact on the economy. They’ve now revised those, and as we have previously noted on The Teri O’Brien Show, there’s every reason to believe that the same thing would happen again if the GOP is stupid enough to be tricked into taking Obama’s amnesty bait. I would predict that the promises about Obamacare’s positive impact on the economy would be 2014’s “Lie of the Year,” but this bunch has ten more months of mendacity awaiting us, so it’s way too early for that.