ObamaCare expected to lead to loss of nearly 2.3 million US jobs, report says
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The long term effect of ObamaCare on the U.S. economy took a grim turn Tuesday with the Congressional Budget Office issuing a revised projection that nearly 2.5 million Americans will be lost from the nation’s workforce over the next 10 years.
As a result, budget experts say President Obama’s healthcare overhaul will lead to a reduction of 2.3 million jobs that people will abandon because they can get insurance outside of the workplace.
Following the release of the report, House Speaker John Boehner said the report showed how “the middle class is getting squeezed in this economy.”
The report drew immediate reaction from GOP lawmakers, including House Speaker John Boehner who said the report indicates ObamaCare is only making it harder for middle-class Americans to survive in the bad economy.
Others, like Rep. Paul Ryan, R-Wisc., weighed in.
“ObamaCare is only making things worse,” Ryan said in a written statement. “This costly law is not only pushing government spending to new heights, it is disrupting coverage and leaving millions of Americans worse off.”
The budget office says jobs will also be lost because employers may choose to hire less full-time workers or reduce the hours of their staff.
In 2010, the CBO projected ObamaCare would lead to about 650,000 fewer jobs. Tuesday’s new 2.3 million estimate is significantly higher.
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