Business and Economics

Coats say “Obamacare is a Job-killer”

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February 5th — Senator Dan Coats discussed projected job losses due to Obamacare in a speech on the Senate floor Tuesday. Coats is the senior Senate Republican on the Joint Economic Committee. The remarks were prompted by the release of the new Budget and Economic Outlook, compiled by the non-partisan Congressional Budget Office (CBO).
“This non-partisan report confirms that Obamacare is a job-killer,” said Coats. “Ironically, many of the same people the law intends to help – low income families – are the ones being punished by Obamacare’s mandates on employers. One of the pillars of The Indiana Way, my legislative agenda for 2014, is promoting alternative solutions to replace Obamacare with step-by-step reforms. Millions of American jobs are dependent on limiting the negative impacts of the law.”

Appendix C of the Budget and Economic Outlook report, “Labor Market Effects of the Affordable Care Act: Updated Estimates” reads
“CBO estimates that the ACA will reduce the total number of hours worked, on net, by about 1.5 percent to 2.0 percent during the period from 2017 to 2024, almost entirely because workers will choose to supply less labor—given the new taxes and other incentives they will face and the financial benefits some will receive.”
“The reduction in CBO’s projections of hours worked represents a decline in the number of full-time-equivalent workers of about 2.0 million in 2017, rising to about 2.5 million in 2024. Although CBO projects that total employment (and compensation) will increase over the coming decade, that increase will be smaller than it would have been in the absence of the ACA. The decline in full time-equivalent employment stemming from the ACA will consist of some people not being employed at all and other people working fewer hours; however, CBO has not
tried to quantify those two components of the overall
effect.”

The full report is available at http://www.cbo.gov/

 

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