The Congressional Budget Office (CBO) estimates that ObamaCare will cost the U.S. workforce a total of 2 million jobs over the next decade. The Hill,
The total workforce will shrink by just under 1 percent as a result of the new coverage expansions, mandates and changes in tax rates, according to a 22-page report released by the Congressional Budget Office (CBO).
“Some people would choose to work fewer hours; others would leave the labor force entirely or remain unemployed for longer than they otherwise would,” the agency said in its latest analysis of the now five-year-old law.
Republicans were quick to seize on the report, which provides new analysis of a previously mentioned figure.
“When the President’s health law hurts the labor force at the same time it increases healthcare premiums and taxes, it’s clear the law is not working for the American people,” said Senate Finance Chairman Orrin Hatch (R-Utah.).
“The CBO’s latest report confirms yet another broken promise and negative consequence stemming from Obamacare.”
The administration in the past has argued that the CBO figures also reflect new flexibility provided to workes through the healthcare law. It has also repeatedly disputed claims that the law is a “job killer” by pointing to the new jobs created with the millions of people who gained healthcare coverage.
The lower numbers could also mean that older Americans who wish to retire – but have remained in the workforce solely for employer health benefits – could opt to leave their jobs.