Back in the Bad Old Days of 2009-2010, health insurance “reform” critics like myself warned that ♡bamaCare!!! would destroy jobs.
All the smart people poo-poohed such talk.
This was back when the mild recovery that had started in June, 2009 — and sure enough, job creation and the recovery both stalled immediately after ♡bamaCare!!! was signed into law.
“Correlation is not causation,” the smart people assured us. Job creation has been steady these last few years, but largely in part-time work which doesn’t fall under the ♡bamaCare!!! mandate. And the monthly jobs reports have rarely been as strong as they were in the months before President Obama signed the bill into law. Worse yet, the labor participation rate has continued to decline, leaving people permanently unemployed and subject to the whims and vagaries of the expanded Medicaid program, rather than buying private insurance.
You’re just “haters,” the smart people said when we tried to mention these things.
But now there’s this report from the non-partisan Congressional Budget Office:
ObamaCare will force a reduction in American work hours — the equivalent of 2 million jobs over the next decade, Congress’s nonpartisan scorekeeper said Monday.
The total workforce will shrink by just under 1 percent as a result of changes in worker participation because of the new coverage expansions, mandates and changes in tax rates, according to a 22-page report released by the Congressional Budget Office (CBO).
“Some people would choose to work fewer hours; others would leave the labor force entirely or remain unemployed for longer than they otherwise would,” the agency said in its latest analysis of the now five-year-old law.
The CBO is not predicting that employers will fire millions of workers or reduce hours because of the law, but that the law changes incentives over the years for the workers themselves both in part-time and full-time positions.
I wonder what the smart people will tell us this time.