Posted on 10/24/2010 9:38:05 AM PDT by Qbert
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.)
The conclusion isn’t a surprising one; any extra support from the government takes some pressure off of workers to provide for themselves. However, ObamaCare’s progressive subsidies, i.e. more generous for those who earn less, carry more of a disincentive than the flat, universal benefit favored by some Republicans.
As Capital Hill has noted previously, work disincentives will be particularly strong for older workers because both health care premiums and the law’s subsidies grow much bigger with age.
Further, the new health law will give some older households without access to employer care a big incentive not to earn too much. That’s because earning more than 400% of the poverty level would make them ineligible for subsidies that may be well in excess of $10,000 for couples.
(Excerpt) Read more at blogs.investors.com ...
Keep up the good work Doug and you may pass the 3rd grade! /s
NOT saying Boehner specifically is compromising, but that's what ANY "benefit" proposal by any Republicans would be.
What say ye John "No Compromise" Boehner?
NO COMPROMISE PERIOD.
Wurk? You mean you want me to wurk? What about my EBT, my EITC, EITC advance payments. My AFDC, my WICs, my ‘housing assistance’, my ‘student’ jobs programs payments, my ‘educational grants’, my Medicade, my SSI, my SSI child payments, my Social Security (hey, I worked for 2 Quarters when I couldn’t find a man to knock me up....what about......and on and on and on.....
I can’t believe these idiots don’t see France as us in 10 years. If we don’t kill the beast now, we never will. Especially when a generation has grown up with it...
This a salient point - witness the UK - where benefits are not connected to earning a living.
People work to earn a living and provide for themselves and their families. Having employer-subsidized group medical and life insurance is an added perk.
When the government takes from the workers to provide identical benefits to the non-workers - guess what happens?
As for the employees now working for medical and insurance companies - they will be absorbed into the Federal work-force; costing more in benefits and pensions to the working tax-payers. It’s another PONZI scheme.
The legislation will decrease spending on health care for people who would be insured with or without the legislation. The magnitude of that decrease, and the extent to which it will be achieved through greater efficiencies in the delivery of care or through reductions in access to care or quality of care, are unclear.In other words, the report says overall that spending will go up, mostly because the cost savings drivers don't start for years, and the newly insured will use 40% more services than they use now. But for those who already have insurance, they will "spend" less -- and it is possible that this less spending will entirely be due to having their insurance plans cut to meet the "cadillac rule", and to removing access to health care, or providing less quality health care.
This is what Obamacare offers to people who already had insurance, those people who were "doing the right thing", working hard and providing for themselves -- a likely reduction in access and quality for our health care.
“Wurk? You mean you want me to wurk?”
-No need to worry- Nancy will save us all (/sarc):
“Think of an economy where people could be an artist or a photographer or, eh, a writer without worrying about keeping their day job in order to have health insurance, or that people could start a business and be entrepreneurial and take risk but not [be] job-locked because a child has asthma or someone in the family is bipolar. You name it. Any condition is job-blocking.”
-Nancy Pelosi
http://www.rushlimbaugh.com/home/daily/site_031210/content/01125108.guest.html
Exactly.
Bump.
I just got a 30 percent premium increase. We need to be on the gop full time on repeals and if they do not primary everyone in 2012.
The motto of the democrat base:
“Why buy the cow when you can get the milk for free?”
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