In his State of the Union address, President Obama urged Congress to “give America a raise.” Well, it turns out that Obama is giving America a $70 billion annual pay cut, courtesy of Obamacare.
That is the overlooked nugget in the new Congressional Budget Office report detailing the economic costs of Obamacare. While much attention has been paid to the report’s finding that Obamacare will reduce employment by as much as 2.5 million workers, buried on page 117 (Appendix C) is this bombshell: “CBO estimates that the ACA will cause a reduction of roughly 1 percent in aggregate labor compensation over the 2017-2024 period, compared with what it would have been otherwise.”
Translation: Obamacare means a 1 percent pay cut for American workers.
Consumer spending accounts for about 70% of GDP, so a nationwide loss of income should be filed under A Very Big Deal.
♡bamaCare!!!’s follies are just getting started, kids. It was one thing to laugh at the backend-free website or hippy dippy promotional videos, but there is real harm coming — just like we all said it would.