While President Obama can celebrate the Congressional Budget Office’s good news that the deficit is shrinking, the report stresses Obamacare’s negative effect on the nation’s unemployment.
The Affordable Care Act is expected to result in 2 million fewer full-time workers, at least partially due to employers cutting hours.
The CBO also estimates a million fewer Americans than anticipated will receive health insurance coverage due to the difficulties with the rollout. Read more at New York Times.
The Congressional Budget Office announced today that in 2014 the federal deficit will shrink by $46 billion more than the agency’s previous projection, bringing the total deficit to $514 billion. The current prediction pales in comparison to the $1.9 trillion deficit in 2009. The deficit is projected to decrease again in 2015 to $478 billion, but it is expected to increase after that to cope with the rising cost of healthcare for aging Baby Boomers. The CBO also predicts that unemployment will decline gradually and fall under 6% in 2017.
{Andy Heller-Matzav.com Newscenter}
Read the report. It says zilch about cutting jobs. It says that people who have worked in the past in order to get employer-provided health insurance, such as older people, would not continue working longer than they would have, or some others – perhaps working mothers with small children at home who need insurance for the children – would leave the job market. Some people on the “borderline” might deliberately work fewer hours in order not to lose their subsidies. This is all voluntary activity, not employers rushing to fire workers, as happened in 2008/2009.