Is this the spin the Congressional Budget Office (CBO) is putting on the new health care law? Republicans in the House have been saying Obamacare will hurt American business and result in a smaller workforce (unemployment), and as it turns out, the CBO seems to agree …
The Congressional Budget Office’s (CBO) director, Doug Elmendorf, was clear during his remarks yesterday to the House Budget Committee concerning the long-term (10 year) effect of the health care law – which by the way has been ruled unconstitutional by a federal judge. As a result of the new [unconstitutional] law, a combined 800,000 people would be able to “leave” the workforce by 2021 since they did not have to stay employed to pay for their health insurance costs.
That’s right. It’s not that business costs would go up resulting in layoffs, rather, the great health care law will reduce costs so much, it will allow 800,000 Americans to retire early!
I can’t get to the transcript right now, but Politico had the story yesterday afternoon.
CBO Director Douglas Elmendorf told the House Budget Committee on Thursday that the health care law will reduce employment by 0.5 percent by 2021 because some people will no longer have to work just to afford health insurance.
“That means that if the reduction in the labor used was workers working the average number of hours in the economy and earning the average wage, that there would be a reduction of 800,000 workers,” Elmendorf said in an exchange with Rep. John Campbell (R-CA).
A few sites including the Daily Caller got a bit confused by the message and originally implied 800,000 would lose their job as a result of Obamacare. Oh no … those 800,000 would be able to retire early don’t ya know? John Hinderaker at Powerline has a snippet and even made the same mistake.