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ObamaCare Keeps Getting Worse: Fewer Jobs, More Costs, And Higher Taxes

- February 4, 2014

OBAMACARE IS A JOB-KILLER THAT CREATES INCENTIVES TO NOT WORK

CBO: ObamaCare Will Reduce The Number Of Full-Time Workers By Roughly 2.5 Million People Through 2024. “CBO’s updated estimate of the decrease in hours worked translates to a reduction in full-time-equivalent employment of 2.0 million in 2017, rising to about 2.5 million in 2024, compared with what would have occurred in the absence of the ACA.” (“The Budget And Economic Outlook: 2014 To 2024,” Congressional Budget Office, 2/4/14)

  • Reuters Headline: “CBO Nearly Triples Estimate Of Working Hours Lost By 2021 Due To Affordable Care Act.” (“CBO Nearly Triples Estimate Of Working Hours Lost By 2021 Due To Affordable Care Act,” Reuters, 2/4/14)
  • CBO: ObamaCare Reduces The “Incentives To Work.” “According to CBO’s projections, the labor force participation rate will edge down slightly during the next several years, falling to 62.5 percent by the end of 2017, reflecting a balance of opposing forces. … In addition, reduced incentives to work attributable to the Affordable Care Act (ACA) – with most of the impact arising from new subsidies for health insurance purchased through exchanges - will have a larger negative effect on participation toward the end of that period.” (“The Budget And Economic Outlook: 2014 To 2024,” Congressional Budget Office, 2/4/14)

MILLIONS OF AMERICANS WILL NO LONGER HAVE EMPLOYER-SPONSORED INSURANCE COVERAGE BECAUSE OF OBAMACARE

The Congressional Budget Office (CBO) And The Joint Committee On Taxation (JCT) Project That 6 To 7 Million Will No Longer Have Employer-Sponsored Health Insurance “Each Year From 2016 Through 2024.” “CBO and JCT project that, as a result of the ACA, between 6 million and 7 million fewer people will have employment-based insurance coverage each year from 2016 through 2024 than would be the case in the absence of the ACA. That change is the net result of projected increases and decreases in offers of health insurance from employers and changes in enrollment by workers and their families.” (“The Budget And Economic Outlook: 2014 To 2024,” Congressional Budget Office, 2/4/14)

OBAMACARE WILL COST MORE THAN PREVIOUSLY ESTIMATED

The CBO Projects That ObamaCare’s Coverage Provisions Will Cost Over $2 Trillion From 2014 To 2025. “The estimated net costs in 2014 stem almost entirely from spending for subsidies that will be provided through exchanges and from an increase in spending for Medicaid. For the 2015-2024 period, the projected net costs consist of the following: Gross costs of $2,004 billion for Medicaid, the Children’s Health Insurance Program (CHIP), subsidies and related spending for insurance obtained through exchanges, and tax credits for small employers.” (“The Budget And Economic Outlook: 2014 To 2024,” Congressional Budget Office, 2/4/14)

  • $2 Trillion: Gross Cost Of ObamaCare’s Coverage Provisions From 2015 To 2024. (“The Budget And Economic Outlook: 2014 To 2024,” Congressional Budget Office, 2/4/14)

FLASHBACK: $1.8 Trillion: Gross Cost Of ObamaCare’s Coverage Provisions From 2013 To 2023. (Douglas W. Elmendorf, Director Of Congressional Budget Office, Letter To Chairman Paul Ryan, 7/30/13)

THE MIDDLE CLASS AND EMPLOYERS WILL PAY MORE IN OBAMACARE MANDATED PENALTIES THAN PREVIOUSLY ESTIMATED

ObamaCare’s Individual Mandate Will Continue To Collect More From The Middle-Class

CBO Projects That Individual Will Pay $52 Billion In ObamaCare Mandated Penalties From 2015 To 2024. (“The Budget And Economic Outlook: 2014 To 2024,” Congressional Budget Office, 2/4/14)

  • FLASHBACK: $45 Billion For Penalty Payments By Uninsured Individuals From 2014 To 2023. (“Estimate Of The Effects Of The Affordable Care Act On Health Insurance Coverage,” Congressional Budget Office, 5/14/13)

ObamaCare’s Employer Mandate Will Penalize Employers More Than Previous Estimates

CBO Projects That Employers Will Pay $151 Billion In ObamaCare Mandated Penalties From 2015 To 2024. (“The Budget And Economic Outlook: 2014 To 2024,” Congressional Budget Office, 2/4/14)

  • FLASHBACK: $130 Billion In ObamaCare Mandated Penalties For Employers From 2014 To 2023. “With The Delay Of The Employer Mandate, CBO Estimates That Employers Will Pay $130 Billion In ObamaCare Mandated Penalties From 2014 To 2023. (Douglas W. Elmendorf, Director Of The  Congressional Budget Office, Letter To Chairman Paul Ryan, 7/30/13)

LESS PEOPLE WILL SIGN UP FOR OBAMACARE DUE TO THE BOTCHED ROLLOUT

“Six Million Americans Will Sign Up For Coverage … Rather Than The 7 Million Previously Estimated.” “Six million Americans will sign up for coverage under President Obama’s signature health care law, rather than the 7 million previously estimated, because of the botched initial rollout of the program’s Web site, the Congressional Budget Office estimated Tuesday.” (Zachary A Goldfarb, “CBO: Botched Health-Care Law Rollout Will Reduce Signups By 1 Million People,” The Washington Post, 2/4/14)

  • CBO: The Revision Reflects “The Significant Technical Problems That Have Been Encountered In The Initial Phases Of Implementing The ACA.” “Relative to the May 2013 projections, CBO and JCT now estimate that, in 2014, about 1 million fewer people will obtain coverage through exchanges, about 1 million fewer people will enroll in Medicaid and CHIP as a result of the ACA, and about 1 million more people will be uninsured. Those changes primarily reflect the significant technical problems that have been encountered in the initial phases of implementing the ACA.” (“The Budget And Economic Outlook: 2014 To 2024,” Congressional Budget Office, 2/4/14)

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