CBO says Obamacare will cost 800,000 jobs

[ed1066]

www.weeklystandard.com/blogs/cbo-director-says-obamacare-would-reduce-employment-800000-workers_547288.html

Testifying today before the House Budget Committee, Congressional Budget Office (CBO) Director Doug Elmendorf confirmed that Obamacare is expected to reduce the number of jobs in the labor market by an estimated 800,000.

[Deleted]

Pretty much what the Pubs have been saying for the last year..........

[Savoir Faire-Demogague in NJ]

Anyone think it is odd that the Obamacare law provides for hiring 16,000 IRS agents?
Maybe it is me, but wouldn't it be a better use of resources to instead, hire 16,000 physicians, nurses and other health care workers? Would not that do more to advance health care in the country?

[BeenThere...DoneThat...]

...hi, SF... yes, no, yes...

[Savoir Faire-Demogague in NJ]

...hi, SF... yes, no, yes...

I guess it is me. If I needed medical attention, I would go see an physician, not go to the local IRS office.
Perhaps I misunderstand something about this law....
I'll go crawl in my hole and come out later. Maybe someone here more knowledgeable can straighten me out.

[BeenThere...DoneThat...]

is right... I agreed with you on all three counts... why go crawl anywhere?

[Deleted]

but IRS is gubmint...........
shame on you both!!!

[EVT1]

I guess it is me. If I needed medical attention, I would go see an physician, not go to the local IRS office.
Perhaps I misunderstand something about this law....
I'll go crawl in my hole and come out later. Maybe someone here more knowledgeable can straighten me out.

I wouldn't go to an insurance conglomerate either. We should do like modern countries do- spend healthcare money on HEALTHCARE! Put everyone on Medicare, levy a specific tax to pay for it, and bar insurers from peddling their useless garbage. And if Obamacare costs 800,000 jobs, then so be it-not his fault Americans are too ignorant and Democrats are to spineless or corrupt to back a real reform effort. We'll take what we can get- the families that are going to be spared from financial ruin and the lives of the people that will be saved are worth it.

[Deleted]

...and 800,000 more out of work and on unemployment and Obamacare subsidies..... I'm sure they will appreciate their free healthcare when they lose their homes.

[zipity]

Yea this really sucks, 800,000 people who put off retiring because they need employer provided healthcare will be able to retire under Obamacare. Of course you have taken time to actually read the relevant portions for the CBO report so you already know this. First there was death panels, then waivers, now retirees quitting their jobs to enjoy retirement....WHAT NEXT!!!!

[billisonboard]

Job-Killing?

To support its claim, the GOP report first cites the nonpartisan Congressional Budget Office — but the report badly misrepresents what CBO actually said.

House GOP Leadership, Jan. 6: The health care law will cause significant job losses for the U.S. economy: the Congressional Budget Office has determined that the law will reduce the “amount of labor used in the economy by … roughly half a percent…,” an estimate that adds up to roughly 650,000 jobs lost.

In fact, CBO did not predict a 650,000 job loss. The Republican report cites a CBO report from August, which actually said that the economy will use less labor primarily because many people will choose to work less, or retire early, as a result of the new law. (See Box 2.1, pages 48 and 49.) What CBO projects is mostly a reduction in the supply of labor, which is not the same as a reduction in the supply of jobs.

CBO, August 2010: The Congressional Budget Office (CBO) estimates that the legislation, on net, will reduce the amount of labor used in the economy by a small amount—roughly half a percent—primarily by reducing the amount of labor that workers choose to supply.

CBO said one reason fewer people will choose to work is that many low-income people will have more money in their pockets as a result of the law expanding Medicaid and providing federal subsidies for many who buy insurance privately. "The expansion of Medicaid and the availability of subsidies through the exchanges will effectively increase beneficiaries’ financial resources," CBO said. "Those additional resources will encourage some people to work fewer hours or to withdraw from the labor market." (emphasis added)

www.factcheck.org/2011/01/a-job-killing-law/

[privateinvestor]

Director Elmendorf: Yes. The way I would put it is that we do estimate, as you said, that...employment will be about 160 million by the end of the decade. Half a percent of that is 800,000


By the end of this decade is what the Director is estimating ?? Or just a SWAG by him without more backup, I guess......so what assertion are you talking about??

[Savoir Faire-Demogague in NJ]

CBO said one reason fewer people will choose to work is that many low-income people will have more money in their pockets as a result of the law expanding Medicaid and providing federal subsidies for many who buy insurance privately. "The expansion of Medicaid and the availability of subsidies through the exchanges will effectively increase beneficiaries’ financial resources," CBO said. "Those additional resources will encourage some people to work fewer hours or to withdraw from the labor market." (emphasis added)

So we are expanding the percent of the population earning low wages? I do agree the CBO has been pretty shakey lately.
I also point out the health care law has been in effect for over a year, and we have seen little to no movement in the unemployment rate.
Are you hiring Dem? I recall posing this question about three years ago while the stimulus bill was being debated. You indicated this bill would enable the economy to have sky rocketing growth.

[ugonow]

Business is waiting to see if the Bush tax cuts are extended before they start hiring again.

[privateinvestor]

Feb 11, 2011 9:24:27 GMT -5 ugonow said:

Business is waiting to see if the Bush tax cuts are extended before they start hiring again.

They are also hoping and praying that Obama is a one term president according to Congresswoman Michele Backmann...

[Deleted]

So, let me see. Your defense is that people will work less and retire earlier, so this is a lie? If you are correct-- that is 800,000 more on SS and Obamacare-- when the rest of us are looking at our official retirement age going up, up, up, in the future?? 800,000 more taking out instead of paying in to gov't, right? Is that what you are saying? I'm just trying to figure it out. You are aware, I assume, that after those 800,000 retire or whatever those 800,000 jobs will not be filled again?? Am I close to getting it yet?

[ugonow]

When the death panels get in full swing,it will create jobs.

[billisonboard]

Feb 11, 2011 10:32:58 GMT -5 @krickitt said:

So, let me see. Your defense is that people will work less and retire earlier, so this is a lie? If you are correct-- that is 800,000 more on SS and Obamacare-- when the rest of us are looking at our official retirement age going up, up, up, in the future?? 800,000 more taking out instead of paying in to gov't, right? Is that what you are saying? I'm just trying to figure it out. You are aware, I assume, that after those 800,000 retire or whatever those 800,000 jobs will not be filled again?? Am I close to getting it yet?

Glad you are trying to figure it out. So if the janitor at the office complex retires now. because he can afford to, they are going to let the office just be dirty? Nah, not sure you are getting it yet.

[ugonow]

CBO figures are wonderful things. When I can use them,they are factual.When I don't like the figures,how can you possibly believe CBO figures?

[billisonboard]

Feb 11, 2011 10:42:58 GMT -5 ugonow said:

CBO figures are wonderful things. When I can use them,they are factual.When I don't like the figures,how can you possibly believe CBO figures?

Devil is in the details

[Deleted]

Hey, I'm trying here-- what exactly does the term "the economy will use less labor" mean? It is said several times in the article posted to refute the OP. Using less labor sounds to me to mean fewer jobs. OP claims 800,000 lost, your article says the economy will use less labor as a result of less supply of labor. Of course, IMO there cannot be less supply of labor in this country with SO many people out of work, and desperate. I would take a janitor job in a heartbeat. Either way, either article, sounds to me like thousands fewer jobs. Maybe someone can tell me what I am missing.

[Angel!]

Of course, IMO there cannot be less supply of labor in this country with SO many people out of work, and desperate. I would take a janitor job in a heartbeat.

Labor supply is the number of people working & wanting work. This goes down because people are able to retire earlier. The number of jobs doesn't change because there are less workers - unemployment will actually go down because people leaving the workforce will open up jobs for those who are unemployed.

Your defense is that people will work less and retire earlier, so this is a lie? If you are correct-- that is 800,000 more on SS and Obamacare-

No, these people aren't of SS age, if they were, then they would have already retired & gone on medicare. These are people that are too young for medicare & can't quite their job currently because either they can't get private insurance due to pre-existing conditions or they can't afford private insurance because there rates would be $2K/month. The health care bill ensures that these people can get private insurance & they can get it at a reasonable cost.

There are a lot of people in their late 50s that have the money to retire except for the problem of getting health insurance. These people will now have options. My Dad is an example - he couldn't get private health insurance before so retirement was never even an option. Now he will have the option, not sure if he is actually looking to retire though.