In plain English as presented by Investors Business Daily, "CBO Confirms: ObamaCare Discourages Work."
Congressional Budget Office director Doug Elmendorf said Friday that ObamaCare includes work disincentives likely to shrink the amount of labor used in the economy.
In a speech on ObamaCare’s economic impact outside the health care sector, Elmendorf said that those effects will primarily be related to the labor market and “will probably be small.”
Factoring in additional demand for workers in health care and insurance, CBO estimates that “the legislation, on net, will reduce the amount of labor used in the economy by roughly half a percent,” he said.
The reason: The expansion of Medicaid and new health insurance subsidies will reduce “the amount of labor that workers choose to supply.”
(For perspective, half a percent of current payrolls is 651,000 jobs, though the impact would show up in both fewer jobs and fewer hours worked.)
Anyone else feeling warm and fuzzy?