Sorry, idiots – the CBO did not say Obamacare will cut over 2.4 Million Jobs
“Intentional Ignorance” is the new “Informed”.
The non-partisan Congressional Budget Office released its report on the outlook for 2014-2024, so naturally it’s already been torn to shreds by partisan hacks. Although the report also highlighted shrinking unemployment and a shockingly low deficit (only $514b for 2014 compared to over $1.5 trillion when Obama took office), the only thing talking heads noticed was a single sentence related to the Affordable Care Act:
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.
“Obamacare cost 2.5 million jobs!” was heard from tweet to shining tweet accompanied by patriotic cheers of Obamacare haters. This totally proved them OMG! so right about Obamacare. Turns out, all it totally proved their inability to read the sentence that explained how they were OMG! totally so wrong:
The estimated reduction stems almost entirely from a net decline in the amount of labor that workers choose to supply, rather than from a net drop in businesses’ demand for labor, so it will appear almost entirely as a reduction in labor force participation and in hours worked relative to what would have occurred otherwise rather than as an increase in unemployment (that is, more workers seeking but not finding jobs) or underemployment (such as part-time workers who would prefer to work more hours per week).
Translated: over the next 10 years, workers will work fewer hours because they won’t have to pay as much for health care – such as Americans who won’t need to work two jobs anymore or elderly who can retire earlier. This figure represents the cumulative hours people will take off – but don’t think this as unemployment or losing jobs, because jobs aren’t being taken away.
But now this has turned into a Republican “You did not Build that!” all over again. I understand how the PPH (poor people haters) could spin this to say poor people are lazy and won’t work as hard if they won’t struggle to pay health care, but anyone claiming the CBO said Obamacare costs 2.5 jobs is either an idiot who can’t read, or just flat-out lying and thinks you’re the illiterate idiot.
But for the record, if people decide on their own to work fewer hours, then businesses have the equivalent of 2.5 million jobs to fill with other people. MORE JOBS.
It’s embarrassing how many “legitimate” newsman are content repeating “news” without any investigation whatsoever. You expect this crap from politicians who staked their next election on the failure of Obamacare – as well as politicians looking to distract from diminishing unemployment and shrinking deficit statistics that destroy their austerity cause — but we have to expect more from our “newsmen” and “journalists”.
Read: Congressional Budget Office Economic Outlook for 2014-2024 – CBO
Read: No! The Affordable Care Act Will Not ‘Nuke’ 2.4 Million Jobs. | The Daily Banter.
Read: The GOP Has It Wrong: Obamacare Won’t ‘Cost’ 2 Million Jobs- TPM.
Read: CBO: Deficit to shrink, recovery to slow, Obamacare to mean fewer jobs – US NEWS