A bombshell report released by the non-partisan CBO indicates that Obamacare will kill roughly 2 million jobs by the year 2017.
Some of those job losses will come at the hands of businesses having to cut back to comply with the ACA regulations. But a good portion will be due to an already struggling economy becoming even more stagnant due to Obamacare, forcing millions to vacate the work force altogether.
The Affordable Care Act will also reduce the number of fulltime workers by more than 2 million in coming years, congressional budget analysts said in the most detailed analysis of the law’s impact on jobs.
The CBO said the law’s impact on jobs would be mostly felt starting after 2016. The agency previously estimated that the economy would have 800,000 fewer jobs as a result of the law.
The impact is likely to be most felt, the CBO said, among low-wage workers. The agency said that most of the effect would come from Americans deciding not to seek work as a result of the ACA’s impact on the economy. Some workers may forgo employment, while others may reduce hours, for a equivalent of at least 2 million fulltime workers dropping out of the labor force.
The report indicates that the economic hardships brought on by Obamacare will be most burdensome for low-wage workers.
This is the first time the CBO has admitted this at this grand a scale.
They also point out that the botched ObamaCare rollout has caused them to revise downward their estimated number of enrolled this year by nearly 2 million.
How is the left going to spin this one?