CBO: Obamacare To Destroy 2.5 Million More Jobs

"The Congressional Budget Office (CBO) just released its latest analysis of the country's economic and budget outlook, and it's a doozy," writes Sean Davis @ The Federalist.

If you're a Denver Broncos fan who watched in horror as your team disintegrated during the Super Bowl on Sunday, then you'll have some idea of how Obamacare's proponents will feel as they read this report. Yes, it's that bad. ...

As predicted by its conservative opponents, Obamacare has indeed destroyed jobs, increased spending, and made health care less accessible.

Here are 5 facts from CBO’s report that illustrate how the [Affordable Care Act] law’s effects bear no resemblance whatsoever to its namesake’s promises.

1. Obamacare will destroy 2.5 million jobs by 2024 — Report: "The reduction in CBO's projections of hours worked represents a decline in the number of full-time-equivalent workers of about 2 million in 2017, rising to 2.5 million in 2024." 
2. In 2024, there will still be 31 million people in the U.S. without health insurance — Report: "Still, according to estimates by CBO and JCT, about 31 million nonelderly residents of the United States are likely to be without health insurance in 2024, roughly one out of every nine such residents."
3. Millions of people who liked their health plan will lose their health plan — Report: "CBO and JCT project that, as a result of the ACA, between 6 million and 7 million fewer people will have employment-based insurance coverage each year from 2016 through 2024 than would be the case in the absence of the ACA."
4. Obamacare reduces the incentive to find and keep a job — Report: "By providing subsidies that decline with rising income (and increase with falling income) and by making some people financially better off, the ACA will create an incentive for some people to work less."
5. Your paycheck will be smaller thanks to Obamacare — Report: "In addition, beginning in 2018, the ACA imposes an excise tax on certain high-cost health insurance plans. CBO expects that the burden of that tax will, over time, be borne primarily by workers in the form of smaller after-tax compensation ... After-tax compensation will thus fall ..."

Read more:
The Budget and Economic Outlook: 2014 to 2024, CBO
Five Devastating Obamacare Facts from CBO's Latest Economic Report, Sean Davis, The Federalist
CBO Nearly Triples Estimate of Working Hours Lost by 2021 Due to Affordable Care Act, CNBC
Obamacare Will Push 2 Million Workers Out of Labor Market: CBO, Stephen Dinan, Washington Times