Ahhh, it's hard work growing a welfare state...or maybe not so much. Man, we're in for a rude awakening when even the pretend money runs dry.WT: Obamacare will push the equivalent of about 2 million workers out of the labor market by 2017 as employees decide either to work fewer hours or drop out of the job market altogether, according to estimates released Tuesday by the Congressional Budget Office.
The analysis set off a furious debate in Washington. The White House argued that the reduction is positive because it means Americans will forgo jobs or extra work to stay home with their children or strike out on their own as entrepreneurs. Republicans, however, said the report amounted to an “I told you so” moment and that subtracting the equivalent of 2 million workers can’t be good for the economy.
The CBO said the number of workers dropping out of the labor force will grow from 2 million in 2017 to 2.5 million by 2024.
Although part of those numbers are attributed to job cuts, the vast majority represent workers who decide it makes more sense to stay home or work fewer hours, weighing the higher taxes they pay in the workforce versus their qualifications for benefits if they drop out.
Related links: OH LOOK: CBO projects Obamacare to kill even more jobs over the next decade
ObamaCare Will Cost America More Than Two Million Jobs
White House Finds The “Good” In CBO Report Showing 2.5 Million Americans Leaving Workforce Because of Obamacare
White Dismisses CBO Obamacare Report Showing 2.5 Million Dropping Out of The Workforce As A “Small Percentage of The Economy”
Harry Reid On CBO Obamacare Report: This Is Great News, These 2.5 Million People Are “Free Agents”
ADDENDUM: This is kinda interesting. A fry cook who was shifted to part-time employment due to Obamacare confronts Obama...however, I don't even know if the guy knows what he just divulged, because it seems his main point was to complain about the minimum wage. Nonetheless, the President damn sure didn't want to address it. Here's how it went:
EPJ: During a Google Hangout session last week Friday, fry cook Darnell Summers told President Obama that his hours were cut due to the Affordable Care Act. “We were broken down to part time to avoid paying health insurance,” he said. Summers explained that he makes $7.25 an hour and has been on strike four times seeking a wage increase. “We can’t survive, it’s not livin’,” he said.UPDATE: This morning in testimony before Congress, CBO Director Douglas Elmendorf admits Obamacare creates a disincentive for people to work...and they're 'better off' for it, echoes the regime...
Obama responded by babbling that states should increase the minimum wage. “I am working to encourage states, governors, mayors, state legislators to raise their own minimum wage,” Obama said. “Obviously, the way to reach millions of people would be for Congress to pass a new federal minimum wage law. So far, at least, we have not seen support from Republicans for such a move.”
Got that? Summers got his hours cut from full time to part time because of the increased costs of Obamacare that his employer faced and Obama's solution is to call for a higher minimum wage, which would even add greater cost to the employer.
If the minimum wage is raised, as Obama calls for, Darnell under Obama is likely to experience full time to part time to no time and unemployment line time.
Related link: Pelosi: Obamacare allows workers to ‘escape’ their jobs
