February 5, 2014. The Congressional Budget Office released its most recent economic report, which states that the CBO expects Americans to work fewer hours as a result of the Obamacare rollout. In fact, these reduced hours would amount to the equivalent of 2 million fewer jobs in 2017. By 2024, the CBO estimates the equivalent of 2.5 million fewer jobs due to deduced hours. This is a large jump from what the CBO had previously predicted. The White House has already attempted to spin these new numbers to reflect that people will choose to work less because they could obtain health insurance. Not only will these reduced hours be voluntary according to the Administration, but the White House press secretary is attempting to credit Obamacare with allowing individuals to retire earlier. While Senate Majority Leader Harry Reid credits Obamacare with reducing “job lock,” when a worker stays in a job for the health benefits. However, the Republicans are loading their ammunition in preparation for the election. From many GOP lawmakers’ perspective, their early predictions of the negative effects Obamacare will have on small businesses will come to fruition in the CBO report’s findings.
For more information on this and other employer-related news, contact Goosmann Law Firm at info@goosmannlaw.com or by calling 712.226.4000.
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