CBO: ObamaCare cost 2.5M Jobs and $1T added to Deficit

The new healthcare law will slow economic growth over the next decade, costing the nation about 2.5 million jobs and contributing to a $1 trillion increase in projected deficits, the Congressional Budget Office (CBO) said in a report released Tuesday.

obamacare2The nonpartisan agency’s report found the healthcare law’s negative effects on the economy will be “substantially larger” than what it had previously anticipated.

The findings from the nonpartisan agency immediately roiled the debate over the healthcare law on Capitol Hill ahead of a midterm election that Republicans hope will be dominated by the fight over ObamaCare.It triggered a swift pushback from the White House, which sought to dismiss suggestions from Republicans that the healthcare law has contributed to a slower economic recovery.

The CBO is now estimating the law will reduce labor force compensation by 1 percent from 2017-2024 — twice the reduction it previously had projected. This will decrease the number of full-time equivalent jobs in 2021 by 2.3 million, the CBO said. It had previously estimated the decrease would be 800,000.

Read more: The High Cost of O-Care

About Albert N. Milliron 6987 Articles
Albert Milliron is the founder of Politisite. Milliron has been credentialed by most major news networks for Presidential debates and major Political Parties for political event coverage. Albert maintains relationships with the White House and State Department to provide direct reporting from the Administration’s Press team. Albert is the former Public Relations Chairman of the Columbia County Republican Party in Georgia. He is a former Delegate. Milliron is a veteran of the US Army Medical Department and worked for Department of Veterans Affairs, Department of Psychiatry.

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